Market View 20 October 2010

Wall Street tumbled in overnight trade as
" U.S. stocks posted their biggest loss in two
months on Tuesday on fears banks might be on
the hook for billions of dollars in souring mortgage
bonds." Dow fell 165 points, S&P 500 lost 19
points and Nasdaq dropped 44 points.

Is this the beginning of the DROP that I kept
mentioned?
I can only say that it is looking so, and the next
few day's of market action will determine whether
this is the case. Anyway, any correction at this time
is clearly healthy and much-needed which is like
taking a short break before resuming the journey.

2 days ago, I mentioned that Genting is looking
ready to surge to the resistance at 2.18 and indeed
yesterday it surged to a high of 2.17 before settling
down to close at 2.15 The resistance of 2.18 is still
the immediate target but much will be determined
by the general market action now. Immediate support
stands at 2.10 at the moment.

I also stated that a break of either side of GLP
trading range of 2.13-2.19 will be interesting and
it was indeed the case when it breakout of the
range yesterday. Hit a high of 2.33 before closing
at 2.29. Nearest support level will be at 2.25 and
further upside will be capped at 2.38

Stocks will open in the red this morning and although
I believe that the closing figure will be much better
than the opening, I am staying cautious for the day.
Yes, I will still be looking for bargains but it is only
for intra-day purpose as I maybe able to get them
at a greater discount in the coming days.

Enter any position with a Cut-loss level & Trailing Stop,
and Please practice strict (Risk)Money-management.
If you don't like what you see in the market,
simply don't trade.

If you have Skype, and would like to chat with me about
stocks and all others, you can ring me at my
email address: stocklobang@yahoo.com
I have currently a couple of members skyping with me
everyday,and they are having good trading results.
See their comments here:
http://stocklobang.blogspot.com/feeds/comments/default

As usual,
Stay Alert but be Aggressive too.
Audentes Fortuna Juvat !!

市场生存座右铭: 风林火山