I did not make much changes to the portfolio but this week have been brutal in a subtle way. I highlighted in last week’s long term analysis this week should confirm more things and true enough this week’s price action shows remarkable formation similar to that in May 2008 where the market retest the weekly moving averages before turning down again.
For the bulls to win this, they had better come up with a good upward move next 2 weeks. We can still form a bullish double bottom that way.
In contrast, the STI looks to head lower to 2500. More buying opportunities coming. Things are still looking “fair”
Some beaten down good deals
- SingPost – been talking a bit about the new young management and shift in business direction. Their profile may be changing. Watch the next 2 quarters results to find out if the McKinsey CEO and COO ...
