EOD Update (2 June 2006)
Have not updated for a while (except mentioning trades in the Cbox). Partly due to work demands recently and also partly due to my drastically reduced trading activity, since the market has been quite unpredictable. Also, have been trying to figure out whether Bursa Malaysia is on a serious and prolonged downtrend now or just experiencing a temporary hiccup due to external factors. If you look back at my previous posts, you will see that I have been largely unloading stocks since I first said on 4th May that I was going to take a break.
Conclusion is that it's not the end-of-the-world for us and though there will be increased volatility, I think there are still gains to be made buying slowly now for the medium-term. Many would say I'm suicidal, but as long as US markets don't suffer a monumental collapse, I think there is opportunity to slowly pick up some stocks that are showing even better value than before the recent slides. Of course, momentum traders and those with extremely tight cut loss limits should continue to stay on the sidelines for now, because there will be volatility.
Although I've been busy and have not had time to really look at individual stocks closely, I tried to daytrade on UEMWRLD & UEMBLDR the other day (experiencing withdrawal symptoms). The result left me firmly convinced that although one should be open to discovering other possibly nifty trading techniques, it's probably better in the long run to stick to those you're familiar with and have proven to work for you.
Regarding OILCORP, I believe my original reasoning for going back in AGAIN still holds but due to weak overall market sentiment, there is no convincing reason to believe that anything will happen soon. With attention shifting to the coming World Cup, it will probably have a downside bias, so I have decided to reduce my position in it as a measure of risk control, as well as to try to pick up some again later at (hopefully) better prices.
Latest disposals (since last post):
UEMBLDR: -10,000 (1.22) ... Balance 0 (Sold from much earlier purchase at 1.02)
OILCORP: -13,000 (1.15), -2,000 (1.17) ... Balance 9,000
Daytrade:
UEMWRLD: Buy: +10,000 (1.85) / Sell: -1,000 (1.88), -1,000 (1.87), -8,000 (1.80) ... Balance 0
UEMBLDR: Buy: +10,000 (1.21), +5,000 (1.22) / Sell: -1,000 (1.22), -2,000 (1.23), -3,000 (1.18), -4,000 (1.19) ... Balance 5,000
What a disastrous outing.
From next week, I will be re-focusing on the market and hopefully, picking up selected stocks again.
/ichithekiller
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