The whole markets in the region took a real pounding today. Frankly, I think its overdone.
The fundamentals are still the same. Nothing much has changed. China will increase tax on foreigners up 10%. But its also going to reduce tax on its national companies. No doubt some clever accountant will find a way around this. But anyway the tax regime for corporations in China for foreigner and local is going to be set at 25% - which comparatively speaking- is ok.
I was a bit impatient today; I bought two stocks- Ausgroup and SunVic at around 4pm. I should have waited til the end of the day.
The charts shows that it could have gone lower. And after I bought it at 61 cents, it did go lower- down to 57.5.
But strangely, it didn't worry me a lot. I was too surprised that it could go lower. But I felt that at 61, it was a comfortable level to get in.
But like I said, too impatient. I've been waiting all that for the stock to get to the low 60s. But I also had some trouble.
I had to evacuate my place today. One of my neighbors decided to do some renovation on his home, and started hammering at 10am. I wish the silly dodo had given me some ample warning- a letter stating the time and duration of the work would be helpful.
It was simply maddening trying to concentrate when the construction was going on. I felt like plunging the jackhammer in the owner's place that light don't shine.
I took off to a nearby hotel- but when I got there- there was doing fumigating work- so I had to backtrack and head off down to TCC cafe. Thankfully, the staff there were very friendly and helpful and got me a seat which had a power point for my notebook.
I might have to there again if the neighbor continues with his damn reno.