The Dow Jones had been on the rise but the Singapore banks were on the declined. On Wednesday evening, the Dow Jones rose 400+ points where the yesterday DBS gap up near demand zone and I thought that the banks could rise. As hours passed, DBS got sold down again while property counters were moving up. Last evening, the Dow Jones recovered and yet our Singapore banks were not moving again but instead suffered more selling and hence I decided to take a loss instead of holding on. Study the minute chart, it was the first time DBS gap up near bottom since a long time and if the sellers were persistent, the only way is to suffer bruises first and then move on to other counters. Will patiently wait for the next opportunity now.
Ronald K -
Market Psychologist -
A Stock Market Opportunist
