Inclusive of dividends, my portfolio of local stocks remained unchanged whilst STI was down by 1.4% at the end of August 2014. Overall, my holding period returns had translated to 10.13% in annualised return since start of 2010. I continue to liquidate some of my local stocks and especially the bigger capitalization stocks to boost my cash level further. After a round up of 2^nd quarter earnings announcements, most of our local blue chip stocks had reported lower or flattish earnings. I found that the earnings outlook from the ST index stocks doesn’t look favorable in the mid-term and couple with the overdue Bull Run in the US market; I expect another financial crisis to come soon. In the meantime, I am gradually increasing my exposure into the US market. I am targeting US stocks that have strong earnings momentum but of course they must be trading ...