Monday, August 1, 2011

Yangzijiang - Anyone Shorted?

As I was blogging last week about yangzijiang's diminished rallying power, today's action confirmed this bearishness. With so much overt supply in this counter, there is no way that yangzijiang could rally without a reaction first. Today, those who longed this counter was caught at the day high and when it dipped lower with the market being overly bullish, I was looking only to short stocks instead of going long.

I believe STI has reached its mid term target price with today's action being bearish with an exhausted trap up gap. For the near term, I am only looking to short.

Ronald K