Good morning everyone....
Like yesterday, I don't think the market is going to have a broad rally ( at least in the malaysian context ...btw a rally in the local market may look "tepid" or quiet in the Hong Kong or korean context ! ) ...today...
As a "compass" guide today Axiata which is a top ten volume counter will probably be a good guide for day traders....A sharp positive reversal
( which seems unlikely ) may give the necessary impetus for certain operators and market makers to move certain 2nd liners...without which we are gonna look for the usual needle in the haystack...
To those who are new to the market ( our local market ) perhaps it may wise to sit back and observe the following "phenomena" on a daily basis....( generally with the occasional exceptions )
a) counters closing at the day's high and is completely listless ( ie trade down and no volume ) the next day ! ( long white candle extinguished ! )
b ) high volume top 20 counters with no or single bid band throughout the day ...who makes the money ?
c ) counters that grow in volume and price despite denials of news ( as replied to UMAs )
d ) counters that have little volume but with steady price increase over a few days ( sheepishly or in cantonese "kwai kwai shee shee )
e ) counters that seems to hold at a steady positive (up over the previous day closing ) despite a weak market...
Nothing more delights me when I made the buy call yesterday for my members on E&O & Landmark. Some of my members made 5 figures profit on both counters.
Next dinner after our meeting is on you... you know who you are... hahahaha
We will discuss this in our next talk among other topics.
Thank you
Chris Choo
chrischootrade.com
chrischoo
http://traderight88.blogspot.com
2012-11-07 15:01