Thursday, September 3, 2009

The Reason I sold UOB today

Ok, I probably could have waited till tomorrow on hindsight to sell, seeing that Dow is green at the moment.

UOB was a punt which I got lucky and managed to sell at 16.92, a small profit of $120 after getting $200 dividends. Sure, it might go higher, and I have missed the selling price at 17.30. But see it another way, that money wasn't really mine to begin with; a punt is a punt.

My Elliott Wave Counts were still rather bullish, but I'm still having this feeling that it might be wrong. The main reason which triggered me to sell was that STI went below my support line (since Mar 09) at 2598, and didn't managed to recover it.

Zoom in on recent data:

Note that the volume today was slightly higher than the previous few days

It could be likely that STI would turn this support into resistance. The first resistance for tomorrow would be the 2606 region, and first trendline support would be 2550 (not charted in).

There seems a need to recount the waves now... Will do that tomorrow... Already sleepy...

I could be wrong, but so be it. As long as there's profit for a punt that started without much basis, it's ok.

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