Sunday, March 11, 2007

We Belong

Just watched the comedy Tallageda Nights. Its a satire on Americans and the Nascar racing sport.

Most of the jokes were dry and was more black humor. And half of them elicted a half-smile...

However, it had its moments. The two that stick out was Adam Richter's appearance as Sasha Baron Cohen's partner. He deserves an oscar for that dead-pan performance.

The other was the end... the race to the finish, literally. And although this was a satirical movie, that run with the inspirational music of Pat Benatar's "We Belong" made me want to stand to my feet and applaud.


On other matters I was suppose to be at an important choir practice this afternoon. But after I got back from the surgeon's I wasn't feeling well. Still, I got ready to go, took a shower, put on my clothes, then I sat in my bed and just fell asleep.

This week has been quite tiring and mentally exhausting. I took big positions on Thursday anticipating a big rise on Wall Street and a flow on effect in Singapore. But despite the 100 - 60 point rise- our markets here just took a yawn. And worse, it started coming down when the Nikkei and Hang Seng fell later in the afternoon. I had to close several positions, thankfully at breakeven, just to play safe. Its a horrible feeling when you find yourself your capital 10% down and looking down the barrel. So I try not to get myself in such awkward positions and stick to my stop losses. One main tenet of share trading is - reducing risk. At each stage the stock advances- it will encounter more risk- and more trouble. Generally, you should plan for such setbacks and be prepared to take profits or stop losses.

At the end of the day I got back into Ferro China at $1.46. (1 cent above my original purchase price). The Nikkei and HS were powering ahead and the market looked stronger.

I took a conservative stance and sold FC at $1.48. I was holding 50 lots. So I made about a grand. There were plenty of sellers at $1.49 and $1.50, and being a Friday, i doubted that anyone would buy aggressively, despite the charts. However, the buyer still came and one person out there - took out the sellers in one big buy- totalling over one million dollars. Amazing. The stock powered thru to $1.51 before the bears came back in and brought it back to $1.47.

Hmm... seems to be a bit see-saw at the mo... I wouldn't be surprised if Ferro comes back to the low $1.40s. Anyhow I'll be waiting there with my buy order.

Wall Street closed weak on Friday. So our bulls will be shy on Monday.

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