Morning Highlights

Singapore Shares continued to edge lowered,  dragged by losses on Wall Street…

Wall Street losses sent Singapore Stocks to kick off on a negative note this morning. The Straits Times Index dropped 23.67 points or 0.89 % to 2643.76 at Today’s Open, in response to unexpected drop in U.S. home sales and sharp falls in metals and energy prices.

Here is a list of STOCKS that breakouts today,

  • China Fish broke  high of 1.39 - wait for setups
  • Hong Kong Land broke high of 4.26 – wait for setups
  • Synear Food broke high of 0.365 – wait for setups

The index is attempting to climb back to support range, between 2661.39 – 2676.05. There is another support seen at 2631.48.

News Updates: (source from MSNBC)

  • G-20 taking on permanent coordinating role – Group of 20 nations will assume the role of a permanent council on global economic cooperation.
  • U.S. home resales decline 2.7% last month after a four month streak of gains, providing evidence that the housing market recovery remains fragile.
  • Oil prices fell sharply for a second straight day as growing supplies of crude, gasoline and heating oil exposed how badly the recession has cut into energy demand.

Quick Picks: Here is a quick pick screen that we have designed to pick out potential stocks, both Bullish and Bearish. These are measured with emphasis on larger changes in price and volume.  <The Quick Picks referred herein contain overnight positions from Yesterday>

Bullish Stocks (Singapore)

Symbol

Name

Entry

SL

TSL

TP

Remarks
1 INTK Innotek Ltd 0.505 0.445 0.565 Triggered – Current Price at 0.495
2 SUNT Suntec REIT 1.15 1.07 1.23 Cancelled due to big retracement
3 CMIT Cambridge Industrial Trust 0.48 0.45 0.51
4 AEMN Ascendas REIT 1.95 1.79 2.11
5 CDLT CDL Hospitality Trusts 1.54 1.47 1.61
6 FEGL Falcon Energy Group Ltd 0.965 0.86 1.07 Cancelled, trading near historical high, to wait for new setups
7 FJBN FJ Benjamin Holdings Ltd 0.365 0.325 0.405 Broke out with little volume, to wait for new setups
8 SINW Sinwa Ltd 0.495 0.44 0.55
9 ASRT Ascott Residence Trust 1.02 0.99 1.05  
10 CACT CapitaCommercial Trust 1.07 0.99 1.15
11 CHOF CH Offshore 0.735 0.70 0.77 Cancelled due to big retracement
12 STHL Starhill Global REIT 0.625 0.59 0.66 Cancelled
13 MMPC Mermaid Maritime 1.26 1.10 1.42
14 RAMB Ramba Energy Ltd 0.635 0.475 0.795  
15 EZRA Ezra Holdings Ltd 2.06 1.95 2.17 LOSS – CLOSED at 1.99
16 FNON.SI Financial One Corp 0.42 0.34 0.475 0.50 Overnight – Current Price at 0.54
17 BENK Beng Kuang Marine 0.365 0.31 0.42 PROFIT – CLOSED at 0.38
18 HBEE Ho Bee Investment 1.60 1.34   1.86 To enter as Market Order
19 SITT Sinotel Technologies Ltd 0.725 0.66 0.79 LOSS – CLOSED at 0.705
20 OKPH OKP Holdings Ltd 0.80 0.72 0.74 0.88 Took Half Profit at 0.95
Current Price at 0.955
21 KPLM Keppel Corp Ltd 8.28 7.90   8.66 Overnight - Current Price at 8.38
22 DMXT DMX Technologies Group Ltd 0.53 0.45 0.61 Overnight – Current Price at 0.52

Stock Prices last updated at 17.37 (Singapore Time)

Afternoon Highlights

Oil & Gas Sector is not looking good today…

Market has reversed its early losses and moved into positive territory. Currently trading within the support range.

We have cut loss for Ezra at 1.99 due to poor performance; and Sinotel due to new setups formed today.

**For Traders who have yet to take profit for United Envirotech, it will be good to trail at 0.50.** (update 15:45)

Property counters have been weak since last week’s announcement of government measures to cool off the market by banning the interest absorption scheme. Week-on-week (wow), property developers, Capitaland (-0.8% wow) and Keppel Land (-0.7% wow) slid off more than the STI (-0.2% wow). (Read More… source from Warrants)

Additional Notes on China Fish

This stock has been consolidating for 1 month. The breakout could be a false signal, hence, there is a 50% chance that it might go up or it could go up and come down fast. Judging at the volume, till half the day, not even 1 million traded, this is not impressive. This kind of breakout happens a lot for other shares too, but please do bear in mind that such breakouts occur very fast, likewise, the retracement movement is likely to be very fast too. 

In Summary

STI gapped down at today’s open but ended the day off low with the Blue Chip Straits Times  Index down 4.61 points to 2662.82; between the support range of 2661.39 - 2676.05...

Volume was 3389.1 million shares worth $1,687.2 million. Gainers led losers 321 to 218. It is good to see that the trading volume has picked up to more than 3 billion. This is a good sign. Although it is evident on the weekly chart that market has been rather choppy, nonetheless, the moving averages shown are pointing upwards slowly. Do lookout for a breakthrough at 2700.

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Have a Wonderful Weekend ahead!! ^_^

Quote of the Day

“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.” – Warren Buffett