Thank goodness the SGX rose today despite the tepid performance on Wall Street. Looks like the bulk of the panic selling is over. And hopefully we will even see a rally after National Day.But there may be more selling on Wall Street in the next two days- so who knows.
Most of the portfolio is down- I got in too early- and did not stick to my stop losses. My brokers have been calling me up and I've been paying for the shares. Not happy Jan.
One stock that I picked today on chart grounds and did reasonably well was MIDAS. I got in at 1.37 and later, after I cleared some of my older positions, bought more at $1.44.
It got to as high as $1.48 before closing back to $1.44.
My confidence is based on that beautiful triangle formation at the bottom of the chart. See how the price, though capped at $1.40-ish, did not fall lower (ie. made higher "lows"). So it does seem that the buyers are eager enough so prices don't fall - despite the market turmoil.
I aim to try and sell this at about $1.80 - $1.85 - in the short term- and cement a 28% return. Maybe it will go higher - but I'm comfortable with that.
Frankly, I hope to be able to close all my positions by September and go back to Australia for awhile.
If by some miracle I can close everything on Friday, I'll take the next plane back to Ozzieland and surprise my nephew who is celebrating his 4th birthday on Sunday.
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