Market View 30 November 2010

Wall Street ended in the red as "strong weekend retail
sales failed to offset concerns over the European economy
following Ireland's multibillion-dollar bailout."
Dow lost 40 points, S&P 500 fell 1.6 points and
Nasdaq lost 9 points.

I was back in Singapore looking at the market in the
afternoon yesterday, and from what I saw, I was
expecting a mini-rally for today. Many stocks managed
to rebound from the day-low and near-to or closed at
day-high. The plantation stocks especially show a strong
performance and we have Indoagri and First Resources
closing the green, while Golden Agri and Kencana were
neutral and Global Palm the only counters in the red.

The plantation counters are still bullish in my view,
and any market revival will be lead by them and
others like Genting and GLP. First Resources will face
resistance at 1.45 and supported at 1.38
Golden Agri will face resistance at 78cts and will be
supported at 70cts in my view. This is to the reader,
Harry, who emailed me yesterday: You got the stock
at a good price, and you should be pretty safe with a
trailing stop, and ride up the stock to the resistance
level. If you should desire, you can seek to add
position of the stock, as that is really how you will make
big $ in stock trading.

Genting continues to have 2.04 as a resistance and
the next one will be at 2.10. It will be supported at
1.97 level. GLP reported an impressive result yesterday,
and its stock may have some activity today.
Last week, numerous brokerage house started stock
coverage on the stock with Buy and Outperform calls,
but its stock price were dragged down by weak market
sentiment. Now that it has a good fundamental news backing
the stock, it is interesting to see whether the price has
factored in the news already or the stock will do
a price discovery today. It will face initial resistance at
2.25 and then it is 2.32 next. Support will be at 2.19


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