Monday, December 15, 2008

Can Obama Rule in The World of White Men?

Monday - 15th December 2008
9.45 a.m. - Malaysian Time

The CPO ( crude palm oil ) futures for February's contract open at 1650 and closed at 1581 last Friday. The highest was also at 1650 and the lowest was at 1567.
The market open within the forecasted points but did not react to what have been put forward on last Friday. Anyway the market mananged to beat down the levels between 1615 to 1622 ( see # 2) but not able to go down further after beating the levels between 1568 to 1575. ( Swing Strategy - see #7). It seemed that the Swing Strategy that I have mentioned earlier did not work well this time probably because the opening was too high up, in fact the opening was higher than the closing of the white bar on the day before ( Thursday).


The market in long term is still bearish, so is the very very short term, so my forecast for today's day trading activity are as follows;

1) If the market opens between the levels 1567 to 1596. Sell after the market has moved up 8 points from the opening. Anyway if the market manages to beat the levels between 1597 to 1603, the market may go up further . Make sure that these 8 points 'distance' do not fall on to these levels after the market opens. Be careful of the false alarm and do not forget your stop loss. If the market is able to beat down the levels between 1560 to 1567, the market may fall further down.

2) If the market opens between the levels 1542 to 1567. Sell after the market has moved up a bit and then falls down 5 points below the opening.

3) If the market opens between the levels 1597 to 1620. Buy after the market has retraced a bit and then moves up 5 points above the opening level.

4) If the market opens between 1640 to 1650. Buy after the market has moved up beating the levels between 1651 to 1658. If you see any profits , just lock them up!

5) If the market opens other than the above, it is your call. I don't know man......

6) Hey..what about trendlines? Have you forgotten them? Well, if you are familiar with trendlines , look for 3 Tops/bottoms or Head and shoulder/Inverted Head and Sholuder, etc.... If not, just stay away, do not waste your time and money. Money cannot be plugged from know...except, well .. palm oil's tree ( oil palm's tree? - see pivture above ), off course...

7) Please refer to # 9 ( Thursday's Tips dated 26th June)

8) Also refer to # 9 and # 10 ( Tuesday's Tips dated 1st July)

Well, that's about it. If not sure, do contact your dealer/broker. The forecast as above is just a matter of opinion from me...

Have a nice trading day!