Seems like certain quarters are complaining about the last minute push up or the force pushed of KLCI.
I read at their statements and I want to laugh. Since when the stock market is not manipulated? So what to complain? Jim Cramer has admitted of manipulation. Even the US government manipulate the stock market through their Plunge Protection Team. So what's wrong if our government manipulate the market? The invincible hand has been pushing the index since Christmas.
Trading in stocks always comes with a certain risk. We need to always beware of the big crocodiles. They manipulate the price, the volume and the news. They play with your emotion. That's why it is never easy to make money.
So either you dance along with them or you just sit at the sideline watching. It's ok to highlight the manipulative dangers to the young and innocent, but don't make it a political issue or complaint Aiyoh, politicians themselves are equally manipulative. But they act as if they are holier than thou. My point is manipulative push up or push down are all natural actions in a stock market.
My current reading of the KLCI:
Correction has set in (obvious statement). If uptrend to continue, the correction should not fall below around 1480. That's all I can interpret from the chart. It's it all over? It's only 2 days action, I can't conclude from just two days of data. One thing for sure, I don't see any euphoric volume yet (because many retailers are aware of the manipulation?).
Well, if the Ringgit continue to strengthen against the US dollar, I guess the foreigners will buy more of our stock. I'm still concentrating on the blue chips counters. If they want to manipulate, then it is easier to buy the largest weighting KLCI component to push up. Furthermore, foreigners will only buy large liquid stocks.
Some of by holdings have good buffer, some have gone back to square one. Some are near my stop loss. I will stay aside for now until the selling pressure subsides. When? I hope soon.