Time to take some profit off the table.
I am using a made in China charting software called Homily. Using their proprietary indicators ‘Time Black Hole” and “Tai-Chi”, the STI, Dow (and SPX), FTSE REITS indices are severely overbought.
The next 3 charts are the daily charts of STI, and Dow.
In summary, in the short term, the STI and Dow are severely overbought. Time to take some profit off the table. Not decided which counters to sell yet, probably some of these:
- Genting, up 4%
- AEM, up 27%
- Best World, up 15%
- XIV, up 3.2%
- I'm a remisier with Maybank Kim Eng, and as a bonds and REITs investor myself, I guide my clients to build resilient bonds and REITs portfolios. If you like to be guided, please open a trading account to become my client; It's free!
- WealthLions is my blog where I journal my trading ideas and share my opinions about the markets. If you like to be kept posted of my new blog posts and events, please subscribe to my mailing list. No spam, I promise.