AEM just released some good sets of results higher revenue and better profits margins but the stock tanked crazily today with a 13.4% drop. Why is it so? The chart was also looking beautifully setup with no profit taking with strong cobs but then why did the stock did not gap up on good news?
http://infopub.sgx.com/FileOpen/AEM-2Q18-PressRelease.ashx?App=Announcement&FileID=518248
I studied and scanned the whole market and saw many tech stocks tanking down following AEM. Hi-P, Sunningdale, UMS all followed the sell down. The answer was that Facebook and Nasdaq got sold down heavily yesterday which caused the tech stocks here in SG to lose some confidence. Even though the chart has all the bullish signals but nothing beats the USA. Hence, everything tumbled and fear was instilled. I am not sure when it will recover but it takes time. The tech stocks just reminded me of property stocks 3 weeks ago when the cooling measures were out.
Ronald K - Market Psychologist - A Stock Market Opportunist
