Good news for all who read this blog. I shall be maintaining my posts to at least 1 per week to provide readers with a weekly digest. More details later. Watch this space!
Bad news, the market does not seem to be doing well now, even though there was an early rally this week. It finished 47.43 points lower to 2992.66 falling into my target range of 2950 +/- 50. The RSI on the STI indicates possible bear market to follow. I am considering revising my target range downwards.
On the other hand, current sentiments, as seen from 5-day candle sticks indicate that there are sentiments keeping the market afloat in the very short term. This may cause the market to range in the short term when the bulls keep fighting the bears. Right now, the market is also in a sort of "wait-and-see" mode. This may further affirm the range phenomenon.
A strategy one can adopt now is to follow the "wait-and-see" mode. Afterall, we all hope to ride on a wave. Now, we can all wait for better weather before we set sail. However, those with a longer horizon and are not sensitive to short term fluctuations may want to take advantage of the low prices on certain counters.
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