FRIDAY BLUES

Volume today ballooned to a hefty 1.2 billion shares or so, thanks or no thanks depending on which way you look at , on some extremely voluminous play on some 3rd or 4th (wonder if there is such a thing ) liners.  

One peculiar feature of this market is that on occasions you will find some highly distressed company have its share price literally fly like a bird , increasing its market value many times over for no apparent reason. Perhaps a MOU here and there and that is it. If you are lucky and more importantly bold enough to catch the up wave you can make tons of cash, catch it late like a falling knife and you may get wiped out. Both these up and down waves were prominently displayed on different counters today.........glaring to the naked eye...

By and large ,with one or two exceptions ,the O n G counters which were the darling performers took a breather today, possibly due to contra selling on the gigantic volumes traded the last few days...no one will dare discount the possibility of a second buy wave once the overbought position is neutralised.

Infact short term players should always be mindful of contra due dates as guessing it wrongly may mean one
buying at at a much higher price. Further it would be important for traders to set realistic price targets as most speculative stocks move in bands of 2 to 4 bids with few exceptions. That until a more bullish market
sets the tone for a more definitive upward thrust ...

Have a good weekend.

Email me if you have any question ... chrischoo007@gmail.com

Thank you

Chris Choo

http://traderight88.blogspot.com