Market View 6 January 2011

Wall Street advanced in overnight trade as "The creation
of three times as many private-sector jobs as expected
turned Wall Street's early losses into gains on Wednesday,
extending a rally investors worried had come too far too fast."
Dow up 32 points, S&P 500 added 6 points and Nasdaq
rose 21 points.

Many pennies and mid-caps continued their slide yesterday
on profit-taking to the new year rally. We have Genting falling
to close at 2.19 just a single bid from its important support
level of 2.18 Will the support holds? I believe that it will be
tested and should hold even if intra-day action may fall below it.

Some readers asked me about GLP which surged yesterday
on fundamental news. I like the stock as a long-term holding
but for trading purpose, I will only look at it pass 2.19

For the palm oil counters, it seems that it has fallen out
of favour for the mid-caps like Golden Agri and First Resources
and the focus is now on the much smaller counters like
Global Palm. I mentioned "For those who prefer the laggard,
there are Kencana and Global Palm to choose but I like Global
Palm based on what I see on the chart." 2 days ago in the blog
and Global Palm broke out yesterday although it was initial
coverage by a brokerage with a target price of 51cts. I got the
signal from the chart and not from any insider news whatsoever.
It will face strong resistance next at 44.5cts which is the historical
high for the stock, but with good play behind, it may even stage
a new 52-week high in the making.


Golden Agri will have good support at 78cts and First Resources
will have support around 1.51
A reader asked about the support and resistance of Sinotel and
SinoGrandness. For Sinotel, it will have good support at 33cts
and further upside will be tested at 40cts. SinoGrandness will
see support at at 41cts and resistance is at recent high 44.5cts


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

P.S.: I will start emailing out the brokerage reports this 2 days and
if you did not receive them by this weekend, inform me.
If you still wanted to be in the mailing list, email or skype me.