EOD Update (30 June 2006)

Oilcorp made another strong move, closing up a further 18c at its day high of 1.63. As I've mentioned several times earlier, I was convinced the 1st round of "operations" was disrupted by the weak market sentiment arising from US and regional market weaknesses that occurred in May and that consequently, there would be a second round.

However, I reduced my position first by throwing out 17,000 shares at 1.15 and 1.17, thinking to buy again at lower prices. Unfortunately, I did not do so even when it went as low as 0.92 shortly thereafter. Then when it started climbing again, I hesitated to rebuild my position, as I was unsure whether it was really time yet. In hindsight (which is always easier), I should have stuck to my original strategy and started rebuilding slowly the moment it started dipping below 1.00. So what if I didn't get it all at the bottom? I would still have saved substantial money by selling some first and buying back lower later, compared to holding throughout. The important thing is to remember the original strategy and stick to it.

The second mistake was that a later addition of 5,000 shares at 1.38 was sold a few days later for minimal gain, as I was thinking it would "break short-term support" and wanted to trade the ranges. This reinforces my opinion that, if you have a certain conviction, just stick with it until the whole thing plays itself out. In the long run, big money is seldom made trading in and out of a stock every few days, unless you're a clairvoyant or extremely talented (which I'm not). Anyway, I see a possible rise for OILCORP to the recently hit 1.80 and maybe, even 2.00 levels.

Meanwhile, ASIATIC is showing some early promise after I increased my position slightly (2nd round), hitting 3.10 today. I may increase my position a bit more soon. GPACKET seems to be on the move again with a marked uptrend and I'm waiting for the day (hopefully soon) when it'll hit 3.00. Things should really start going then...

In the meantime, while many are hailing the return of the bull, I still remain worried about conditions over in the US. I have a nagging feeling there's still more pain to come.

Latest purchase:

CYMAO: +5,000 (1.05) ... Total 5,000


/ichithekiller