Bull vs Bear (14 Sept 2007)

Bull vs Bear

All increases in number. I'm more bias towards a bearish view since I have immerse myself with so many bearish articles. US seems not dropping. Some last minute support. Just like KLCI. It seems that it doesn't cost a lot to buy a few lots to support the index.

Anyway, there are not many opportunities (yet) for KLSE. However, for the foreign CWs, it is making new high everyday. During the previous month downtrend, I sold most of them except Chlife-C1, ICBC-C3 and Petroch-C3. Last week, I added a few position after seeing that HK listed red chips are quite resislient to what was happening in the US. I missed out most of the action because the price was moving very fast and I was not able to find any good stop level. Furthermore, my bearish beliefs stop me from taking a bull position. But after observing the HKeX reaction to the US market, it seems that the players there is disregarding the US but is paying more attention to PRC.

My interpretations are as follows:
BOC: Cannot move up yet due to subprime investment. Still in base building mode.
CCCC: In uptrend. Daily RSI in 60s, so should go up some more. I'm looking at CCCC-C1 if it continues up.
Chalco: In uptrend but after that superb run, consolidating now. No signal yet of continuing uptrend.
Chlife: In uptrend. Daily chart may indicate the continuation of uptrend after 2 weeks of consolidation. I'm still holding Chlife-C1, the problem with this is that the volume is extremely thin.
Chmobil: In uptrend. All CWs are worth trading.
Cnooc: In uptrend. Cnooc-C1 premium is consider high if you compare it with other in the money CWs. I'm trying to get into this one.
HKEX: In uptrend. Those that bought will be really happy.
HSBC: Trendless.
HWL: In uptrend. It may be ending it's consolidation in a week or two. I'm keeping an eye on HWL-C1 which is back in the money.
ICBC: Trying to break 5.20, then should zoom up. But the subprime is still weighting on it.
Petroch: In uptrend and in a clearly defined channel. I think that it has just broken out from consolidation. Currently, the upper channel is at 13.00. I have added some position in Petroch-C3 and will add more when the price moves further.
Shenhua: In uptrend, runaway. Go up too fast.
Sinopec: In uptrend but currently building a new base.

Besides that, Singtel looks like it has broken out of consolidation and making new high. Singtel-C1 is a good ride. I'm going to get into this one also.