Dear readers,
I have taken profit on some stocks and reduced my percentage invested from 50% on 6 May 2016 to approximately 36% on 13 May. Notwithstanding some potential small technical rebound in some markets, I remain cautious. Although I usually do my market updates every fortnight, I deliberately did one this weekend after my write-up on 6 May.
Read on to find out why, and how I intend to take advantage on this development.
S&P500 Index
Just to recap what I have mentioned on 6 May 2016 (see here), I wrote “although market sentiment seems to have taken a turn for the worse, it is likely that there may be a small technical rebound in the near term. In addition, it is unlikely that S&P500 may break the strong support 2,018 – 2,025 in the next one week. However, S&P500 is unlikely to breach the strong resistance ......