CapitaMalls Asia sank lower although it is still trading cum dividend. I added to my long position at $1.335/share today based on the following considerations: 1. Fundamentally, CMA has a NAV/share of $1.52. At $1.335, it is trading at a 12+% discount to NAV. CMA is likely to do better in time. 2. Technically, the MACD seems set to form a higher low as the counter's share price forms a lower low. A positive divergence is almost a given. Flip side of the coin? A. Fundamentally, CMA's increasing exposure in China is a double edged sword. China's efforts to temper inflationary pressures could lead to a slowing down in its economy which could affect CMA's business negatively as retailers feel less confident taking up more space in the malls. B. Technically, after a gapping down and the formation of a long black candlestick on the back of very high volume, we ......