Wednesday, August 08, 2007

Finally a good day on the SGX

Thank goodness the SGX rose today despite the tepid performance on Wall Street. Looks like the bulk of the panic selling is over. And hopefully we will even see a rally after National Day.

But there may be more selling on Wall Street in the next two days- so who knows.

Most of the portfolio is down- I got in too early- and did not stick to my stop losses. My brokers have been calling me up and I've been paying for the shares. Not happy Jan.

One stock that I picked today on chart grounds and did reasonably well was MIDAS. I got in at 1.37 and later, after I cleared some of my older positions, bought more at $1.44.

It got to as high as $1.48 before closing back to $1.44.

My confidence is based on that beautiful triangle formation at the bottom of the chart. See how the price, though capped at $1.40-ish, did not fall lower (ie. made higher "lows"). So it does seem that the buyers are eager enough so prices don't fall - despite the market turmoil.

I aim to try and sell this at about $1.80 - $1.85 - in the short term- and cement a 28% return. Maybe it will go higher - but I'm comfortable with that.

Frankly, I hope to be able to close all my positions by September and go back to Australia for awhile.

If by some miracle I can close everything on Friday, I'll take the next plane back to Ozzieland and surprise my nephew who is celebrating his 4th birthday on Sunday.

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