question of where is SMRT heading...

FY08 results was just released on friday after market, inline with expectations but outlook looks fairly blend...

SMRT outperformed STI falling only 25% from the peak of $2.01 partly due to the defensive nature in times of recession...but

SMRT dipped while STI had a nice rally since march 09, this is largely due to money flowing into high beta counters as the market temporarily recovers.

now that STI is facing huge resistance, we may likely see money flowing back into defensive counters...

i am anticipating a short term double bottom formation for SMRT considering money flow-back, this will bring an estimated target of $1.64. strong support at $1.46 should not be broken if the above holds true.

seems STI lost footing and broke the uptrend... shorters will start to build momentum...

1st support at 1787 followed by 1663...

current holdings:

SMRT long @1.51

we saw strong buying after STI entered my "strength" zone in the last post...which is why i discourage aggressive shorting...for today, we may see some short covering...

my view on SMRT remains...results on friday

potential intra day trading counter will be olam.

STI retrace from resistance channel as last posted...

1st support 1830 followed by 1780.

general short term trend is still up, so do not short too aggressively...

buyers will try to re enter at these 2 support levels, leading to short term strength in stated zone (1780-1830)...

my current position:

long SMRT @1.51, closing above 1.52 will be a good sign, closing below 1.48 will bring further weakness...results on 24th april (this friday)

"The U.S. Treasury and financial regulators have set a May 4deadline for disclosing results from the stress tests of 19 U.S.financial companies including Citigroup Inc., Bank of AmericaCorp., JPMorgan Chase & Co., Goldman Sachs Group Inc., GMAC LLCand MetLife Inc. The tests are being used to determine whetherthe firms have enough capital to cover losses over the next twoyears should the economic downturn worsen."

hi,

too early to call for any shorts at the moment, books always say the trend is your friend...

i was thinking everything rallied so aggressively, index hit resistance as shown in my last post, so what should i look at??

i browsed through some charts and took interest in SMRT...results on 24th april, next friday!!!

whats more, there's no strong correlation between SMRT and STI (less affected even if STI plunges). SMRT itself is considered a snail... u cant really play intra day with such counters...

looking at the chart, i am trying to find a contra opportunity. although the weekly chart looks weak, the daily chart shows a potential double bottom formation. we saw some buying interest in the last week or so, price seems to be able to sustain at current levels of $1.5.

SMRT long @1.51, target 1.64...

do note that i am trying to anticipate the short term support ahead of their results...

my last call on:

China Essense long 15c, target 18c ... reducing position @ 18/18.5c with automatic stop out order @ 17.5c for remaining...

hope u guys had fun riding this rally...

opps, we have reached the resistance zone...

caution on longs, reduce position...shortist will be lauching their laucher soon...

same for uncle DOW, u look at his hunge back, breaking through the support line already...careful wor...

but i have yet to find any counters suitable for shorting...

still net long with china essense...haha

financial earnings:

Goldman Sachs on Tues,
JP Morgan on Thurs,
Citigroup and GE on Fri

will fear over unexpected negativity trigger profit taking or will optimism carry this rebound to a whole new level??

China Essense long 15c, target 18c

laggard considering their rally came only in April, therefore likely to play catch up assuming no negative issues affecting the company.

China continuously stimulating their credit environment to help ease firms with upcoming loan obligations like China essense.

CEO bought 2.2m shares @ around 11c recently, providing some support to share price.

Westcomb target 25c
Daiwa target 23c

long SPH 2.65 --- sold remaining @2.84/2.85 (general market seems overdone)

2Q09 results on 13 April

CLSA target $3

UBS target $3.18

China’s central bank said it will ensure sufficient liquidity to sustain economic growth, damping speculation regulators may seek to restrain credit after new loans jumped sixfold to a record in March.

There will still be bargain hunting in the US and Europe, but the major sovereign wealth funds (SWFs) in the Middle East, China and the rest of Asia are likely to place their massive capital and income in local and regional quoted and private companies in the next few years.

The biggest SWF is the United Arab Emirates' Abu Dhabi Investment Authority with estimated assets of US$850 billion, followed by the Saudi Arabian General Investment Authority (US$431 billion), China's Safe Investment Company (US$311 billion) and Norway's state fund (US$305 billion).

Singapore's GIC with an estimated US$220 billion in assets, and Temasek with US$85 billion, are the sixth and the 10th largest, respectively.

Unlike other institutional investors such as pension plans, sovereign wealth funds do not generally have future liabilities to pay out to pensioners. They also do not have external investors who decide to withdraw at short notice, notes Preqin. As a result, they have long-term investment horizons and are often relatively free to adopt more risky investment strategies.

long SPH 2.65 --- sold half @276/277 (intra day portion)

2Q09 results on 13 April

CLSA target $3

UBS target $3.18

preparing SHORT GUN, although a little pre mature but on alert.

target STI components:

banks, commodities

U.S. stocks fell as the Obama administration warned that some banks will need more government aid and that General Motors Corp. andChrysler LLC have one last chance to restructure.

Wednesday - G20
Thursday - ECB decision
Friday - US jobs report.

Dow still has some room to go before hitting channel resistance of around 8230. The recent buying activity is positive sign that this bear rally will likely last through April, but we cannot conclude that is this the end of the BEAR unless this rally bring Dow to test a high of 9100.

In the mean time, the outlook is still bullish with rotational play likely to set in. Do not go short aggressively.

Preparing to turn short

Kepland @1.28 --- sold half @ 1.45-1.49 --- sold the rest around $1.5

Swiber @33c --- sold all between 41c-42c

Noble @1.12 --- sold half @ 1.24 --- sold the rest around $1.25-$1.27

reducing long positions.

Long

Ezra @60c --- sold @ 70-71
Kepland @1.28 --- sold half @ 1.45-1.49
Swiber @33c
Noble @1.12 --- sold half @ 1.24

buy HSI put @40c (HSI 13000 BNP EPW090429 )

**position cut out between 37-395

Long

Ezra @60c
Kepland @1.28
Swiber @33c
Noble @1.12