To my expectation the market rebounded the next day on Friday. The KL Composite Index jumps during the opening and added higher +34.04 points to close at 1,025.70 points. The technique that I used on Thursday (catching a falling knife) indeed bring some profits.
On Friday I sold most of my share that I brought on Thursday. The profits is not much. But I manage to contra about RM 193,000 worth of shares. The profit margain is just around 3 % to 3.5 %, not much. Some pocket money. As I mention before I just looking for a technical rebound only.
The overnight market in Dow Jones Industrial Average jump +368.75 points to close at 11,388.44 points, what would happen to our share market on Monday ?
From my experience through out the years in monitoring the share market movements, I would think that in the morning the share market will close with most of the share prices post some gain (more green) but in the evening the share market will close with most of the share prices post some losses (more red) towards closing.
As I mention before this is just from my past experience in my technique in monitoring the movements in the share market. I don't know how far and how true it will be.... But I'm sure it would still follow the old technique from the past.
As usual please don't take this opinion as an indicator to buy or to sell your holdings. I might be wrong because I'm just a human being. I just think that I need to share my opinion to my readers in Bursa KLSE Blogs and News.
No doubt the BEARS is still around but don't forget after this small technical rebound, there will be another technical rebound around two week to three weeks times.
Happy Trading.....
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