The Blumont, Liongold and Asiasons saga had caused big malaise to investors and traders. The sudden debacle with the intervention from SGX with these 3 counters had unruly empowered so much fear within the penny stocks. The nightmare that was inflicted, the deep wounds that was suffered, the excruciating pain and sleepless nights by investors and brokerages houses will go down as one of history most painful and biggest losses posted in the Singapore Stock Market.
Reading from the article, the whole situation was just real bad. Fortunes were wiped out and lives were destroyed. Personally, I really felt sorry for all, but one must understand that nothing will trend up forever. For every bubble that was created, it will end one day where one needs to know how to navigate around and book profits along the way. Not to be greedy and hopeful is the best advice I could give. Judging from the comments, people were still hopeful that Blumont will rebound. Hopeful is a very wrong emotion to have when it comes to trading, it will caused more sleepless nights. Move on and continue with other counters will be a better option. It took 1.5 years to build a super bull and it only took 3 days to wipe out everything!
Beyond $3.00 is something that I don't foresee happening and it would take years before confidence is restored and rebuilt. I am sorry but that's the reality fact from analyzing the chart. Whether the CEO or stakeholders bought at whatever price is not important. The more importantly question is whether the BBs are ready to give it a lift take precedence. At this moment, I think it's highly impossible to breakout with the current market conditions. Luckily for us in the SMMG Club, we booked profits at the top and did not participate or traded this counter anymore. We were spared.
http://stockmarketmindgames.blogspot.sg/2013/09/asiasons-blumont-total-net-2932082.html
Ronald K - Market Psychologist - The Big Speculator
