Market View 21 October 2010

Wall Street rebounded in overnight trade on
Wednesday as "Stocks had their best showing in
more than two weeks on Wednesday, buoyed by
strong earnings and continued expectations that the  
Federal Reserve is on board for more quantitative easing."
Dow up 129 points, S&P 500 added 12 points and
Nasdaq gained 20 points.

Genting was finally out of the GLP's shadow as
its volume and price action were back to
"normal". The resistance 2.18 only created slight
blockage and was overwhelmed in a short time.
I was asked in email and Skype that its chart indicators
were showing overbought and toppish for a very long
time and why is it still surging? First and for all, I don't
look at indicators as to me they are useless, unrealiable
and lagging in my view. But I do know that a stock
can stay overbought for a pretty long time and Mr Market
don't need any fundamental "reason" to justify that.
A stock can be push-up base on expectation,  hype or
simply the BBs love to make money on it again and again.
Genting is a great trading stock with such an erratic but
rewarding price action, but it is definitely not for the faint-hearted.

GLP is still caught within range and with Mapletree Industrial
Trust debut at 2pm today, the IPO may have more plays ahead.
A few of the Skype readers got MIT and eagerly await its
debut with high expectation. I can only say that judging from
the recent performance from GLP, it should be a decent
debut but further upside is likely capped at about $1.20
I maybe wrong with this, so I will wait till the opening
before having a more concrete point.

Other than GLP, Genting and maybe MIT, what other stocks
am I looking at? I am closely watching the plantation
stocks and also the techs and the water stocks to start
flowing again.


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