My anticipation of a Chinese New Year rally is proving to be displaced, as the Dow Jones dropped 166 points last night, in my view, starting a correctional phase. Actually, I should have known this would happen, but I was carried away by the Chinese New Year effect. The good thing is, I have been cutting losses before the fall in the Dow as I sense a fake rally. On one occassion (Capland), I even cut the same day I bought the stock.
Stocks I have bought in the past few days and am now out:
Capland: Bought 3.69 Sold 3.66 Lost 0.8%
Wilmar: Bought 5.40 Sold 5.35 Lost 0.9%
Stocks I have bought in the past few days but have not managed to get out:
NOL. I will try to get out, but if not, will just hold it as it is a good stock.
Stocks I have bought in the past few days but planning to hold a little longer:
Zhaojin Gold Mining as I believe its prices could actually move upwards on the back of a reversal in gold prices.
I have also added more gold to my portfolio in the past few days as it nears the $1300 support, despite my initial reluctance. This is because, longer term, I expect gold price to continue higher, after its recent correction.
I see this correction as a routine "fire sale" and will be using it as an opportunity to increase my positions in the stock market.
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