The weekend is here!

Good day folks. As you may have noticed, Jay has been doing posts intraday as and when there might be an interesting counter to go long or short. As a Trading Rep, he is allowed to post entry/exit/cut loss points. I will advice (and this is important) that under no circumstance should his posts be used as an indicative buy or sell call. Follow at your own risk. The posts are meant for reading and analysis. You, and only you, make that final call.

That said, the market has been going sideways ever since the 3000 failed to hold. Many people have been shouting bears, while there are a few who are bullish.

My own personal take? A retest of 3000 is not good enough and may suggest a lower high formed. It has to at least retest the previous high of around 3040 which may suggest a breakout. Failure to hold the current level could imply a deep sweep down towards 2880 and potentially towards the 2700s. Will the ‘sell in may and go away’ saying come true? Will Q3 bring a huge big sweep down? No one knows for sure. Let the market tell us, instead of second guessing. If a stock is bear, look for a rebound and a bearish reversal candle at resistance to go short (potentially). Going long on uptrending stocks which bounce off support with a nice bullish candle.

My strategy? To not enter aggresively either way. I entered a position on IndoAgri today. We’ll see how this goes. I have zero short positions at the moment but may be forced to do a short on Capitaland as a hedge if 3.90 does not hold.

I have been very busy with work and my new place which is undergoing renovations. I target to move in end of May/early June and while it has been an exhausting process, seeing the transformation is rewarding as it is (but still fails to pacify my wallet) but I do hope the end result will be a wow!

Let’s cross our fingers but don’t forget to have fun this weekend!