Focus for Feb 29th 2012

In my previous post, US Consumer confidence is high, what’s next? The focus was on US confidence data and oil prices. However, the focus for Feb 29^th was different.

Amidst the news released for Europe’s 2^nd LTRO, US GDP 2^nd estimate of 3%, better Chicago PMI data, am I correct to say you would expect that the US indexes would have surge north? Not so fast!

At point of writing and after Fed Reserve Chairman’s testimony to Congress, my opinion is that the speculation for another round of quantitative easing to stimulate growth was seen easing. This is the focus. And the US dollar strengthens.

As previously mentioned, the obvious primary beneficiary to additional QE is gold. And I was not surprised that Gold plummeted by 4.29% or US$ 76 to US$ 1711.70 at point of writing.

Unless the yellow metal changes its characteristics, and as long as QE is not on the table, I doubt there will be a rally in Gold amidst the speculation of most Gold Gurus; US$ 2000 and above. I would say FAT hope for the time being. I would stay away for the time being.

Black Gold as they were to call oil in the good old days also lost about 1% to US$ 104.90 thereabouts as a result of a stronger US dollar.

For the benefit of new audience, Gold had rallied back from US$ 1500 thereabouts to a current high of US$ 1790 as a result of hopes and expectation that the US Fed would provide additional monetary stimulus. While QE was on the table, the US economy got stronger and stronger. Gold got stronger as hopes for QE was still very high! But when the Fed Chairman did not hint any QE in his testimony tonight, the obvious had to occur.

I am not sure how the US indexes would end tonight but at least there’s some growth recorded for the month of February.

Tomorrow is a new day and the highlights for Asia would focus on China’s PMI and Fed Ben Bernanke (2^nd day) testimony to the Senate Banking Committee.

US Consumer confidence is high, what’s next?

As you probably know, the US indexes closed ABOVE psychological resistance last night.

The Dow closed at 13005.10; S&P500 closes 1372.18 while the NASDAQ closed 2986.76.

There were 3 economic data released last night;

·         Durable orders at -4.0% vs. -1.4% expected; Durable Orders ex Transportation at -3.2% vs. 0.2% expected. This is very negative

·         Case Shiller 20 city index at -4.0% vs. -3.6% expected. Another weak data.

·         Consumer confidence at 70.8 vs. 62.5.

And the market (preferably) focused on the Consumer confidence data, overshadowing (ignoring) the weak housing and durable orders data!

Huh?? With a strong showing of consumer confidence that leads to global growth and hence global demand for crude oil, oil prices experienced a sharp drop. Huh?? Imo, the oil traders (having a different mindset/analysis) were focusing on durable orders rather than consumer confidence??? It is their analysis, not ours.

In conclusion, the US markets closed on a very positive note as a result of favourable US confidence data and a drop in oil prices (while ignoring the weak data???). What if the US data were strong and the US consumer confidence were weak? Would the US market rise or fall?

Penny for your thoughts; The above shows that the market is exceptionally bullish. The market is ignoring ALL kinds of noises and focuses on favourable data. (Hence explains why I include global investors’ mindset to technical and fundamental analysis.) This could also mean that while today being Feb 29^th, the GDP data, Europe’s 2^nd LTRO, etc the market’s mindset could either head further north or trigger a sell to book profits

What would I do? The very fact is the market is very bullish. There is a lot of uncertainty this week with data coming from US, Europe, China and Japan. Uncertainty is we do NOT know what data is to be announced and how investor’s mindset will react as a result of the data. I would prefer NOT to gamble with uncertainty this time and stay on the sidelines.


Latest update: Wall Street will be listening closely to Federal Reserve Chairman Ben Bernanke over the next two days for any signs of distancing himself from the central bank’s pledge to keep rates at ultra-low levels for up to three years. Bernanke is testifying Wednesday in front of the House Financial Services Committee and Thursday in front of the Senate Banking Committee as part of his semi-annual report to Congress on monetary policy.

Another WTF happening, Feb 29th 2012

If you’re invested, you should take note of Feb 29^th. It’s a Wednesday. It’s also the end of month, lots of volatility due to month end closing. Thursday is the beginning of a new month where real money tends to come in. And Friday is the end of week.

In addition to the above, Feb 29^th has important US data namely US GDP 2^nd estimate, Chicago PMI, and the Fed Beige Book. All of which may lead to where March will trend. Across the Atlantic, the 2^nd tranche of LTRO is seen to be in the range of 500B-750B Euro (The first LTRO saved the EZ in Dec 2011).

With activities crowded on or after Feb 29^th, I would assume that markets will tend to be cautious prior WTF. Till then, household lizards will continue to test the DOW 13000 and S&P 1370 resistance. Whether they continue to attack the resistance levels depends on data and news of Feb 29^th.

HSBC had announced the flash PMI estimates of China earlier this week. China will announce their PMI data on March 1^st. Asia and Europe markets should take the cue from then onwards.

Though I have not posted any activities from Iran, I believe it’s time that our radar focuses on the activities there, too. As you probably know-hear/say of their Uranium program, energy prices had increased with a US$ 10-15 premium. Indirectly, this adds on to costs and had affected global growth.

The price of crude oil has risen from US$ 95 (to US$ 100) to the current US$ 105 (to US$ 108). This rise HAD dampened growth concerns in emerging markets like India and Indonesia. The hardest hit EM is Indonesia where the fall in the JKSE this week had wiped out the entire rally since Jan 2012. India had fallen 600 points from this year’s intraday high of 18,500.

On a separate matter, Insights had breached the 5000 pageview (this month) – a personal best and is nearing the 6000 pageview level. Again I would like to thank the audience for frequenting my posts. Please do not hesitate to forward/share my posts on reaching a larger audience. I sincerely hope that my timely posts and information assist you in making your investing decisions. THANK YOU.

Tug of war - Bull vs. Bear Part 1

If you’re wondering why most of my posts concentrate mostly in US markets, the obvious answer is that the US is still the largest economy on Earth. And the reserve currency is the US dollar.

When they energise, high yield assets go north. When they fall sick, high yield assets go south. It is simple as that. That does not mean we should ignore China or Japan.

The DOW had been ranging between 12800 and 13000 for the past 2-3 weeks. The bulls will test the 13000 resistance. If they fail, you might see 12400 supports being tested. If they succeed, 13800 will be the next resistance before the ALL time high.

The Greek event is over. Where is the positive news coming from? As I see it, none at the moment.

However, It is evident that carry trades had been the support for this current ongoing bull trend. The VIX is reasonably low, the US dollar is fair below 80-81, Global interest rates are low, the Japanese Yen had been weaker and QE3 hopes are still very much alive from the price of Gold. US Operation Twist and Europe's LTRO are taking effect.

Don’t ignore carry trades. With global interest rates so low, the CB are making you invest otherwise your purchasing power will be eroded by inflation!

On the other hand, global PMI is seen weaker, GDP growth are weaker with some revising downwards, credit rating agencies on going credit watch and downgrades.

My reading is that markets would generally trend sideways until the next event. So don’t get too excited about it.

What’s coming in the near horizon? Check your economic calendar for PMI data and

·         US GDP data,

·         Europe’s LTRO,

·         Chinese PMI,

·         US NFP

·         UK and ECB MPM.

I could be wrong but one of this may trigger the next direction for high yield assets.

However, if you have a LONG term horizon, you could ignore the above because the major trend is still north. I do not foresee markets going lower than Mar 2009.

Updated Feb 24th. Great minds think alike. I am glad the following article took of where i ended. It's nice that they can elaborate on my above article. Strange enough that i chose the title - tug-of-war!!! http://www.cnbc.com/id/46483737

Is a market correction coming?

The Dow is being attack by household lizards at the 13000  level. But, that is as far as it can go - similar to household lizards which loiter just around the ceiling.

On the other side of the Atlantic, the Greek deal is done. It is history. There is no default (yet!). The can is just kicked further down the road.

I repeat, "The Greek deal is done". What’s next? What is the GDP and Baltic Dry Index (BDI) and Retail Sales telling me?

Sometime back in my earlier posts, I mentioned that global GDP is getting weaker in most countries. The number is still rising at an alarming rate (and I am concerned, are you?).  The latest update; 21 countries registered a negative QoQ growth namely,

·         The Euro area, UK, Germany, Spain, Italy; and

·         Taiwan, Indonesia, Singapore and Thailand (which registered the largest negative growth of -10.7% QoQ and -9% YoY).

While the BDI projected better PMI data back in Q4 2011, the latest BDI trend is projecting weak PMI or factory orders. Coincidentally, this week – the HSBC Flash PMI for China, the PMI readings for part of Europe had been weaker than consensus. Am I correct?

I will not go into details of how many indicators assist me to make decisions, but I would like to share the above with you. Hmmm, something is amiss! There seems to be one more data that is not within my radar. Can someone share/hint what could be 'the' trigger?

At end of Q2 2011, my indicators help me speculate global bear markets; at end of Q3 my indicators helped me to speculate bear market reversals.

My reading is that while the long term trend is very bullish, the short term trend would be met by a mild correction in the next 3-6 weeks. The above is just a speculation. I have done my sharing.

If you’re still invested, you should ride the waves as long as possible. However, you need to position yourself close to exits.

As of current, I had made three speculations on Market trends so far. The Market has proven me right TWO times. Will I get it right for the third time? Again, TIME will be the judge. What’s your opinion?

I really would like to hear from the audience, that is, if the above indicators mean anything to YOU.

On a separate matter, I had been receiving an awesome number of pageviews this month - probably a record exceeding 5000 before the month is up. Thank You.

Dow is being attack at 13000 after Greek package

(Posted Tuesday in Singapore, 1120 AM, UPDATED 0625PM )

The Dow and S&P is seen testing the resistance level of 13,000 (broken) and 1370 respectively - 3 points short! The US markets open higher, fell below the flatline and is seen testing the resistance level before lunch. Traders should follow the Dow theory before making a decision. Earlier in the day...

 

The much awaiting had been annouced (from CNBC first) after an extended meeting (The annoucement/meeting was delayed 6 1/2 hours!). The most important point is that there's NO default. Whether there is a rally is NOT that important.

Click CNBC for details.
Click Marketwatch for details.
Click Bloomberg for details.

The (release of the) news does NOT guarantee a market rally! Let's see how Asia, Europe and the US would react with this news in Equities, Forex and other high yield assets.

Asia/Pacific equity markets are mostly in the red with the exception of Oz, New Zealand, Thailand and Indonesia. Click here. One possible reason why the market may not be rallying, click here. Mumbai opens with a 0.3% gain. Asia Pacific markets closed mixed with S. Korea, Taiwan and Japan in the red.

Europe open mixed and traded in the red with an average of 0.5-1% losses for most of the day before closing.

The market reaction that follows depends on

• how markets HAD been building up prior to the European meeting,
• hopes and speculation of a 'done deal' and
• investors mindset following the release of the news.

The Euro is volatile! It touched and broke the day low upon the release of the news and subsequently tested and broke the high at 1.3290 resistance. At point of writing, the Euro and commodtiy currencies are in the red, also.

It looks like prior to the meeting, the markets were rallying on hopes which explains the rally last week. How long will this rally last? Once the deal (news) is done, the market is finding new source of information to look for the next trend.

It looks like, we'll just have to wait and see how the US reacts to the Greek package and show us the way for the next trend. Note: The US had not reacted to the Chinese RRR rate cut as they were close for President's Day. Last week's data on Retail Sales was very disappointing!

That'll be all for the day until the next event - Europe's 2nd LTRO scheduled Feb 29th 2012.

How long will this rally last?

(Posted on Monday 1am)

The US equity market or in any stock market, as usual, is ahead of the (US) economy. When US stock/indices start to rise in October 2011, the US data started to improve, right? Most of the US data had been pretty good so far, with the latest being, the Non Farm Payroll and Unemployment data.

With the exception for the Euro Zone; the US, BRIC, emerging markets, Asia reported

·         Better data namely PMI,

·         Monetary stimulus,

·         Corporate earnings beating expectations,

·         Lowering interest rates (in support for growth vs. Inflation).

And some of you probably know that the volatility index is at current at 20 thereabouts from readings as high as 45!

And what does the last two points encourage? That is, in an environment where interest rates are low and volatility is not high. It encourages carry trades.

If you’re not too familiar with the carry trade concept (please Google it, this point is VERY important). And the king of safe haven currencies is the Japanese Yen.

Did you notice what happen to the Japanese Yen and the US dollar lately? While most economists, fund houses are bewildered with the fact that the Japanese Yen is weakening against most major currencies (apart from the recent monetary stimulus), the obvious reason is; in a low volatility environment coupled with very low interest rates (for an extended period of time like the US until end of 2014) this encourages carry trade. That is borrowing from low yield assets and investing in higher yield assets like the Aussie, Kiwi, Loonie, commodities.  Similarly, high yield assets like stocks rise. Does this explain why the high yield assets (like commodity currencies) have strengthen? The Euro is NOT!

Hence, let’s get back to the subject matter of this post.

If you follow most, if not all of the above, you should follow closely to the volatility index, VIX! For e.g. One of the possible events that may cause the volatility index to rise/spike could be the events that are brewing in Europe; Greece and/or Portugal, etc. And when that happens, it is known as unwinding of carry trades. What happens thereafter is your imagination!

Finance ministers from all 17 euro-area countries meet in Brussels (Monday) as governments close in on a deal to unlock a 130 billion-euro aid package for Greece. Hence, my speculation is that volatility will be highly in suspense before the news!

News over the weekend - China cuts RRR by 50 basis point, effective Feb 24th, 2012 afterwhich a newsflash from Bloomberg on China. Japan to assist Europe solve the debt crisis thorugh the IMF. (Specifics are not out yet.)

And if some of you still don’t follow, please feel free to comment or ask questions. While the rest may understand the above, why not drop me a comment on the above analysis! And if you like the post,

·         (This had to be deleted) - apologies for the grave mistake on adverts.
·         forward the post to your friends 

·         Add (like) me, if you have not done so.

For the record, my posting since Jan 2012 had been very receptive with my last post, Investment planning, huh hitting ALL time record high page views. Thank you for visiting my blog for quality and timely posting.

Investment planning? Huh?

The above is all about planning with you.

Consideration for having an investment plan – In Singapore the Savings rate is currently 0.125% while inflation is at 5.5%. The problem will then be: erosion of purchasing power taking your wealth (if any) lower. If you agree, please read on.

Most people are afraid to lose money. The common reason is that they are so busy with their work/profession; they do not have time to monitor or understand markets. This would lead to losses during down market corrections or bear markets.

If you do not have time to monitor / understand markets, you have two choices;

• keep the money wherever it comes from and earn the (pathetic) interest/yield; is is definitely safe this way or
• seek referral for a trusted wealth planner (at a small professional fee); please read on.

Depending on your risk profile, time horizon and investment objectives, etc a strategy is drawn up for your approval (applying the Art of War principle).

Depending on my reading of financial markets coupled with on-going intermarket analysis, an on-going strategy is drawn up to accomplish your (realistic) investment objectives (goal) and a stretch goal.

A well defined client-planner relationship is established with well defined responsibilities of the client and the planner. While the client’s responsibility is to provide changes in personal profile and objectives, the planner’s duty is constant monitoring, updates (as in posting of my blogs) and pro-active ( & reactive) management of the client’s portfolio.

If all is fine, the strategy is drawn up with diversification and asset allocation specifications within the client’s risk profile and depending on the economy cycle. Communications are through emails and SMSs!

For the record, during the global financial crisis in 2008-2009, the Asset under Management does not exceed more than 6% of loss while some may even enjoy a 2% gain. As for Year 2011 the results are posted here.

As of current, the Asset Under Management had recuperated losses in year 2011 and depending on respective risk profiling; some are enjoying 2-10% of gain. (wow, isn't this fantastic; the secret (or no secret/no brainer) is discipline and startegies are defined to cut losses while preventing further erosion of your pricipal, hence a small lost is recuperated easily) It has been an extremely difficult fourteen (14) months. Fighting fire for 12 months and delivering some goals YTD.

I am exhausted! As the market will always be there the next business day, I will be taking a well defined break. Hence, whichever, the market will trend the following week, I will be taking a rest and be taking ALL the profit of the table. If you’re happy with your performance too, you may decide to move into bonds that provide regular income (dividends).

If you miss my post, don’t worry as I will still monitor the financial markets and continue blogging. Of course the major difference is that my responsibilities will be much lighter while enjoying a well defined break!

Happy Investing! By the way, the Greek situation may finally come to a close this weekend or probably (it is so common that datelines are postponed and postponed with the exception; planned riots do not get postponed) the can would be kick further again and again.

Retail Sales fail to deliver

(Posted in Singapore 730pm Tuesday)
(Updated in S'pore 0040am Wednesday)

Retail Sales data from the US failed to impress. It rose (0.4%) less than (0.7%) expected in January. Getting deep into the data, prior months (retail sales and ex auto data) were revised downwards!

On the other side of the Atlantic, Europe’s bond auction, results in strong auction demand with a good take up, coupled with improved yields. (The Euro is holding steady around 1.32 and the major indices are much above the flat line.) The auctions come from the Dutch, Spanish, Greece, Italy and Belgium.

In addition the German sentiment index, ZEW was up sharply at 5.4 from -21.6 in January vs. the median forecast of -12.0. Other European data was within range.

Should Retail Sales comes in stronger, the US major indices would spike through the psychological resistances at the open. Whatever happens (after) depend on further noises from Europe/Greece and reaction to Moody’s rating moves. Unfortunately, Retail Sales data for current and prior month  were NOT favorable.

Hence, the data tonight will be focus on Retail Sales. My speculation is based on the flow over of the Santa rally, January sales and very strong US NFP data and the Unemployment rate! While my speculation was also based on January data which was revised downwards, the US major indices were down 0.2% on average - the data was disappointing.

The clock is tiking, tick tick tick...had stopped!

Greece passes austerity package, so what?

(Posted Singapore Monday, 825 a.m.)

Avoid Greece if you’re travelling to Europe. That’s the not so good news. The other is that the Japan Q4 real GDP is -0.6 (-2.3% YOY), that is not much better off than consensus -0.4%. There’s another Asian country on a negative QoQ GDP growth!

So far, the good news is that the Greek Parliament had approved the new austerity bill.

At point of writing, the commodity currencies and the Euro is much higher than New York close pointing back to Risk ON! The All Ordinaries, Nikkei and Seoul composite is higher than last week closing on Friday.

Meanwhile, President Obama put forward his budget request to Congress tonight with Retail Sales, CPI and Industrial Production to look forward for the week. Whether the rally continues depends on the outcome of the data released and investors’ mindset on interpretation of the data.

Did you know?

Despite the events in Greece and Portugal, US and European markets are climbing. The DOW is testing 2008 resistance while the Nasdaq is testing the resistance before the internet bubble. All the above IS bullish.

In intermarket analysis, I tend to take note of all sorts of data as many as possible? Are the following important?

·         Have you been noticing the BDI?

·         Have you been following the GDP data reporting lately? As of date, 13 countries have reported negative QoQ GDP data! Portugal, Italy, Spain, UK, Taiwan, Indonesia just to name a few.

One of the above may be experiencing a technical recession, which is two quarters of negative growth! Amidst the above, equity markets are still climbing. Of course, i am not surprised.

On a separate matter, what should investors do now? For those who had been

·         Watching, should we start buying now?

·         Invested, should we move our exposure a notch or two higher OR should we take profit?

The answer to the above is YOU are the best judge.

My passion in posting blogs is to share my knowledge with you. I lay down what i know. Hence you can make your own decisions. For those who may have followed my posts, i believe you have made money again and again. If you are still in the RED, i suggest that you 'fire' your wealth planner.

If you’re not here nor there, i sincerely advise that you seek the advice from a professional wealth planner who may have the knowledge and experience to provide you constant and regular updates such that you are informed to make the right decision.

Happy Investing!

Regular posting are also made in comments! Did you miss my responses to the audience comments? For e.g. click here and follow the comments.

What does Better (Global PMI + US payroll data) equates to?

(Posted Monday 250am)

The equation,

Better (Global PMI + US paroll data) = RISK ON!

As you probably know, PMI data coming from US, China, UK, etc has been better than expected. Global equity markets extended their weekly climb with the exception for Mexico, Australia, KL and Japan, just to name a few.

Some of you may not have realised that the US market had been stronger than expected. With the latest US data, the Non Farm Payroll and Unemployment data lowering to 8.3%, the Fed Chairman’s monetary policy of holding the Fed fund rates to end of 2014 is a question mark!

This is interesting. Did you know that the Dow Jones IA closed last week at a 3 ½ year high breaching the Q3 2008 high before the Global Financial Crisis (GFC). It broke my resistance level of 12,800! And the S&P Golden cross is evident! Do we need QE3?

VIX and the dollar Index. The US dollar index met resistance at the 81.5 resistance and reversed course following lower global growth worries. Couple with better France, Spain, Italy bond auctions after S&P downgrades France, the volatility index, VIX plunge to levels below 20.

I don’t need any stinking QE3. With the above, the probability of QE3 may be lowered. As Gold is the primary beneficiary for monetary easing or QE3 prospect, spot Gold plunged!

On Friday, the Europe crisis prolongs with high yield Portugal bond auctions and extended Greek talk with the Trioka. As a result the Euro plunged after climbing against the US dollar after the payroll data. On the other hand, commodity currencies like the Aussie rose to the highest level as carry trades is attractive in a low VIX environment.


Updated 6th Feb 0630 am. Greece PM and the Trioka agrees on Deal Framework. Details of framework to commence later Monday Greek time vs China’s Lowest Lunar Sales Since 2009. What I wonder which side would Asian investors mindset be focus on?

 

If you were to realize the above, it is EVIDENT that global equity markets are temporary disconnected with the prolong debt situation in Europe. I think global investors are NUMB (by now) but I speculate there will be one more possible dip before end of month. This would be another possible buy-on-dip.

The after effects of a better than expected US payroll data had not been reflected by Asia. There is a possibility that the US might pass the rally baton to Asia or would Asia markets fade towards the European markets opening because of a prolong Greek-Trioka meeting?

I have a personal interest in Indonesia and am eagerly awaiting their GDP data, due Monday with a better than expected GDP data!

If you’re a global investor, you may probably know that inflation had receded in most countries and most Central Banks has lowered interest rates to support growth rather than battle inflation. Particularly of interest are in Emerging markets as well as BRIC. The yield curve is leaning towards being normal. As such, it is a no-brainer that BRIC economies like Brazil, Russia, India and China resulted in a better performance than developed economies YTD.

WARNING. Do not be too greedy. Expected the unexpected if you are not following closely on the Baltic Dry Index and its possible consequences!

For new audience joining my blog, we welcome you. You may also be interested to know that this is probably the ONLY blog to speculate that markets

·         Would fall three months before the DOW plunge a 2011 low prior Oct 4^th 2011 and

·         Would rise three months before the DOW breached a 3 ½ year’s high of current!

Please feel free to read Market Trends, Investing commencing May June 2011 and Oct Nov 2011 for my speculative posting.

If you find the blog beneficial to your investments or risk management planning, you may ‘like’ me or subscribe to my emails (FOC). If you feel the post may benefit your friends, feel free to forward the articles.

Golden cross in S&P? Should we chase the market?

(Posted Singapore time, Thursday 120 am)

As you probably know, the S&P is forming a Golden Cross lately. This is where the 50 days moving average passes through (up) the 200 days moving average. To most technicians, it would be a bullish signal for the US markets! Or is the S&P forming a doji?

The market is there always. Be patient and wait up till US nonfarm payrolls registers on Friday. In addition, we have to wait how the market interprets the nonfarm payroll data and closes for the week. Whichever, the Golden Cross or the Doji, we have all the time to react after the market closes. Just be patient!

Meanwhile, the noise from Europe has been holding global markets. Greece is for one and Portugal for the other.

Is Europe playing time for an orderly Greece default?

Bond yields for Portugal auction dictates the markets lately. One day shooting above 15% while shorter bond auctions bring the yield down. Whichever, my advise has always been ‘be patient’. Think of the bright side, no matter the volatility, the lows are getting higher! Correct me if I am wrong?

And the Dow, it’s testing the 12,800 level again. As you probably know that I am holding long positions, I’ll hold till it breaks the 12,300 level. Otherwise, the S&P Golden cross and the Dow 12.800 resistance level looks attractive for more DCA!

The Global PMI data which includes Germany, China is posting better growth. This eases the global growth concerns seen one year ago.

In brief, my other speculation is the current mood is RISK ON.

·         Look at the Euro! The Aussie

·         Gold, which has always been a primary beneficiary for the QE

·         The weakening UD dollar index

·         VIX is below 20!

Talking about QE, what would be the effect of high yield assets if there is a combination of QE from Japan? Europe? US? and the UK? You would probably guess the answer from here onwards, right?

Are you all still skeptical? Are you all still bearish? If the opportunity arises, buy and average your position for every dip. Until the unexpected occurs, I think it is a speculative opportunity to average up your portfolio for a potentially higher yield!

The other advice is do NOT be greedy. The market is always there the next day!

Notes: As you probably know, I’ve been posting fewer blogs. The rationale so far has been my speculative posting has been correct so far, while ignoring the noises. Despite the noises, the lows are getting higher and the resistance has either being tested or broken.

Feel free to drop me a line if you have concerns with your current portfolio. My advise will always be based on your investment objective, time horizon and risk profile.

Happy Investing! What a great Year for the start of the Water Dragon!