Alright, it was a mistake bailing out of CAO and FerroChina as both did not hit the trigger. However, while I was lucky with FerroChina, which I bought at lower price, I wasn't as lucky with CAO.
Loaded small positions on AsiaEnv @ 0.715, PacAndes @ 0.835 and CAO @ 2.89.
Not very good prices but these are only the first batches.
FOMC is on 31st October, China facing a possible pullback at the moment, Bombay having issues with their own exchanges. Thus as a result, there is no hurry to load positions as there will be more downside in the short term. The reason I loaded those is more of staking claim to a position first as it is still more probable to see the price at year end higher than the prices which I bought.
We have approximately 2 weeks before the rate cut. If DJ surges till the meeting, any decision other than a rate cut will cause a correction in DJ, and from STI's trading pattern, we would definitely follow in a more magnified scale.
However, if DJ were to go down mildly for the next few weeks, STI would most probably trade sideways, but while DJ will still go down if there is no cut, STI might have been near its bottom already.
Furthermore, with China showing a possible correction now, what we need is some cooling off before we could see the continual of the next run.
In fact, next two weeks will be as choppy as the past few days. If you ask me what are my plans, it is to free up cash and wait to get some counters on the cheap, which is what I'm doing, despite being not that effective.Labels: AsiaEnv, ChinaAviationOil, PacAndes |
