Market View 29 October 2010

Wall Street ended mixed as "U.S. stocks
ended little changed on Thursday as cautious
investors pulled back before expected upheaval
from next week's elections and a likely announcement
of more stimulus from the Federal Reserve.
Next week could bring significant shifts in both monetary
policy and legislative direction, leading investors to largely
disregard earnings and economic reports."
Dow lost 12 points, S&P 500 gained 1 points
and Nasdaq rose 4 points.

Yesterday morning, I was quite shocked when Genting
opened above the 2.18 resistance level, but it only managed
to surge a few bids up and the resistance-turn-support 2.18
managed to hold on while until it was broken again to close
at 2.16 To me, 2.18 is an important support and resistance
level which must be closely watch.

Yesterday also saw the great fall from favour of recent
IPO, Xin Ren Aluminum from the 60s to close at 53cts.
I don't like the stock during application period when I read
the prospectus as it is quite obvious that it is listing
with a high valuation, so I never recommend to the Skype
readers, while I did the otherwise for GLP and MIT.
Looking at the price action yesterday, I can concluded that
many retailers and traders maybe stuck in the 60s and
even the 50s. Sharks will be attracted to such a scenario
and I am also looking for bits and pieces of it.

I believe that the plantation stocks are still ok to watch
but the fruit may not be ripe to be harvest. A breakout lead
by Golden Agri will be followed by the rest of the mid-small
caps of First Resources, Kencana and Global Palm.
Also look up for Sound Global and Longcheer as I believe
may have some action coming right up.

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