Market Could Stay Weak Until Washington Can Focus On US Tax Reform

The Senate decision to delay the vote on the reform of Obamacare has dampened traders hope of reviving the Trump rally.

Repealing  Obamacare must be addressed before the senate can move on to address the Tax Reform which is believed to be Trumponomics best hope to raise GDP to 3% and to add the next  leg of  the current market rally. This blog believe that Trump administration will want to settle the healthcare issue before the Congressional August recess which begins on 31 July. The next bull leg will be determine by when the health care bill is addressed. Janet Yellen’s comment this week that asset valuations are “somewhat rich” reminds traders of

Alan Greenspan  1996 warning about “irrational exuberance” added to the current negative sentiments. The US market is showing sign of an imminent correction with selloff in tech stocks, these negative sentiments if extended to the broader market could spark a 15-20% correction on the market.

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Master the Markets Course 2017 Second Intake - Testimonials

We just wrapped up the last of 5 sessions of intensive lessons of my Master the Markets course yesterday. I am glad that my students have benefited from this course. Here are some photos and testimonials from my students!

"It's very useful. I have learned a lot of things and I am trying to digest all the information that I have gathered in the course. I will probably come back for another course!" ~Clarence

"This is my second time attending Robin's course. I think there is more that I can learn from Robin's wealth of knowledge, and boy... it was really worth my time!" ~Chris

"This is my second time in the course. I thought I learned a lot from the first course, but this time it was even better! I would like to encourage all my other classmates, if you have missed this time round, please come back again. It is definitely worth it!" ~Vivian

"I have attended many seminars, so far I find that those seminars, they were just trying to sell products, so they taught you to follow the computer signals strictly. For Robin's course, it was very different from what I have attended before. ..what he taight was really a life skill!" ~Inn Heng

Here are some testimonials on my active traders chat group!

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Nasdaq

On 15 Jun this blog warned of the impending correction of the Nasdaq index. Yesterday it dropped 1.6% to 6146.6, closing right at the trendline support and also the 50-days moving average. The index is at an inflexion point, it has not broke the 50-day MA and the trendline support for the last 7 months. A break below this level could signify a change in its macro uptrend to a start of a downtrend.

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MM2

Broke key suuport at 0.575, heading for next support at 0.53 and 0.505.

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US Markets

All my charts on Dow, Nasdaq and S&P are flashing red. Its time to de-risk, the axe could fall anytime. Dow transport continues to lag Dow Industrial, a signal in Dow theory that the current rally in Dow could lose steam soon. Rusell 2000 falling behind S&P is also show a bearish divergence signal in that the big caps rally is not spill over to the small caps.

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Comfort Delgro

Another victim of technology disruption. It's ripe for a breakdown of its strong support at 2.39. Below this level is heading for 2.20 and 1.98.

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Yangzijiang

On 2 june when YZJ was at 1.29 this blog said that Yzj could have peaked and correct to 1.21. Today it has broke its crucial support at 1.20 and is poised to go lower to its next target 1.14 and 1.08. Yzj builds bulk carriers, commodities prices has been coming down after an promising rebound in the 1st qtr of the year. Prospect of more orders for bulk carrier and container ships looks bleak as ship owners cuts capex..

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Noble

Prediction yesterday was spot on. The price action today move exactly according to prediction yesterday. This is the power and precision of this blog proprietary price action strategy. This blog said Noble could hit 0.6-0.62 and will be a seller at these prices. This blog also predicted that before Noble hit 0.6-0.62 it could face strong resistance at 0.485. BB could have taken advantage of the good news yesterday to unload today. More weakness is expected in the near term.



Noble peaking out at 0.61 was predicted on Robin's live chat.

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Noble - Credit Line Extended For 4 months Till October

Noble - News of creditors extending of Noble's credit line till october and in exchange the creditors have asked noble to look for a strategic investor, raised hope that Noble could have at least another 4 months to look for a White Knight drove the share price up 15c to 0.475. Noble face a strong resistance at 0.485. If it can hold above this level the next resistance is at 0.52. This blog will be a seller at 0.60 -0.62 if it hits this level.

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Singapore Property Stock Could See Resurgence In Interest.

Singapore residential property index has underperformed the Hong Kong Index since the government imposed cooling measures in 2013. Since the government rolled back some curb in Mar, it has sparked some renewed interest. Government land sales are drawing interest, a Chinese consortium fetched a record price bidding  $1 billion. Spore properties are so cheap now that a `Shoe Box' home in HK can cost as much as a prime property here. Another positives for Spore private residential property is the supply have peaked in 2016 but Why are listed developers selling when prices are in such a doldrums? The reason is under spore rules since 2011, developers must built and sell properties within 5 years failing that they have to pay 10-15 ABSD tax on the land purchase prices, In addition,  developers with foreign shareholders have to meet the Qualifying Certificate rules which requires them to complete construction of Non Government land sales within 5 yrs and sell them within 2 years, failing which they have to pay a 8-24% extension fees of land purchase price to extend  the deadline up to 3 years. All these factors have artificially weighed on property prices, making the prices look cheap compared to Hong Kong. This blog believe as Hong Kong property prices continue to surged,  Singapore properties could benefit for some spillover investment into properties here. KSH, Wing Tai, Wheellock and UOL uptrend is likely to continue.

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NASDAQ - Breaking Down Soon

NASDAQ - Breaking Down Soon! The Index has been trending up above the 50 Days Moving Average and the prevailing trendline for the last 7 months. The 50 days MA and the trendline has been trending alongside for the last 7 months and Nasdaq has not fallen below this 2 indicators. A break below this levels will trigger a sell down into the 1st Bear Zone. If the first bear zone is breached the index enters the next Bear Zone.

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Alliance Mineral - Sell on News Phenomenom Happened Again

Alliance Mineral - Sell on news phenomenon happened again today. It is likely to drift down to 0.305 before the next news catalyst is announced. Strong resistance remains at 0.36 - 0.366. Bulls were tricked by the Big Boys again!

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Market Outlook 8 July 2017 - Register Now

Here’s the link to register for the next market outlook https://goo.gl/Cm3uk3

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Gaining a Trading Edge with Market Depth

I will be speaking at a highly anticipated seminar at SGX tonight about how to gain a trading edge using market depth! For those who have signed up, see you tonight!

https://www.sgxacademy.com/index.php?option=com_sgx&task=eDetail&id=2157

Photo taken at SGX Symposium on 6 May 2017.

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Nasdaq Tumble - Correction Or Rotation

All eyes will be on U.S. tech stocks after a massive selloff on Friday sent the Nasdaq 100 plummeting 2.4%.

The massive drop, was an unusual unsynchronised move in the USA markets as it a rotation out of overvalued tech stocks to underforming energy and banking stocks or a precursor to a large scale market melt down? That’s the questions on trader`s mind.

Energy and banks have been underperforming while tech (especially internet) has been outperforming Traders are avoiding sectors that have run up sharply without the backing of earnings momentum. US stock market rally have been led by a few tech stocks for some time, fuelled mainly by PE reratings. As this blog have been warning last month of a 15% imminent market correction on the Nasdaq on signs of prices on the charts completing the Trend Rotation Cycle. As the market rally matures, investors should avoid stocks that have run up entirely on PE rerating without a commensurate increase in earnings. This is even more relevant for the tech sector, which has outperformed strongly. Asia tech stocks which have rallied 40% have limited upside , stocks at risk are Alibaba (BABA US),TSMC (2330 TT),NetEase (NTES US). Investors

The Fed is set to lift rates this week, leading a pack of central banks that are mostly nodding in the direction of removing ultra-accommodative policy. Yellen & Co. is also expected Wednesday to map out how to unwind a $4.5 trillion balance sheet. How the Dow performed and respond to Nasdaq fall this week will determine whether Nasdaq fall is part of a bigger market correction or just a market rotation to the more undervalued stocks. Watch the price action on Dow and S & P for any spillover weakness.

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Nasdaq Tumbled 1.8% on 9 June 17. Why?

Why did Nasdaq took an abrupt tumble on 9 June?

Nasdaq fell 1.8%, its worst day fall since Brexit. Big names tech stocks Apple, Amazon, Alphabet and Nexflix fell more than 3%. It may be too early to say the tech stocks bubble has burst but this blog believe that the current tech stocks rally looks very much like 1999. Goldman Sachs warning about potential unconsidered risk in the tech space contributed to the fall but that is not the real reason. An abrupt fall on Nasdaq on a very high volume is a early warning of a systematic meltdown is imminent. Nasdaq closed at 6207, the short term upside is capped at 6280, the next support is at 6100, a break below 6100 will send the index into a bearish zone. This blog has identified 5920 as a key support level.

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Best World

Best World - The Big Boys could have distributed today, be cautious! BW could pull back to 1.50 and 1.47 respectively in the short term. If 1.47 is breached the next target will be 1.41. This blog will be a buyer of BW at 1.26

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Yangzijiang

Yangzijiang - On 2 June when Yzj was at 1.29, this blog say that Yzj bull run will take a short break. First target at 1.21 was hit today. It could consolidation here in the short term. Any break below 1.19 will see the stock heading to 1.12. With the Baltic index down 38% from its high this year, contract for  bulk carrier with be in doubt.

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Moya Asia

On a day when most penny stocks closed weak, this stock stood out strong to close at the day high 0.125. It is poised to breakout to the next target at 0.136.

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Traders are likely to stay cautious this week ahead of these events

On 8 Jun 2130hr - ECB President Mario Draghi holds press conference on outlook of interest rates.
On 9 Jun FBI head James Comey will testify to Congress with regards to Russian involvement during the US presidential elections last year.
U.K. Election will also be held on Thursday.

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Gold

On 30 May, when Gold was at 1265 this blog said that Gold was poised to go higher to 1284 based on tradeplan published. Today Gold hit high of 1282. If it can hold above 1284 this blog expect Gold to break its last high at 1295 and head towards its next target at 1315.

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Talkmed

Today medical stocks like HMI and SingMedical had a good run up. Tallmed had been consolidating 0.74-0.77 since it went ex-bonus on 28 Apr. Today there is a unusual volume surge that could signal the start of a long awaited rebound. Talkmed remains a good healthcare play bouyed by long term demand for oncology specialist services. It could be headed for the next resistance at 0.83. If it can hold above 0.835, it could head for its next target at 0.90

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Yangzijiang

Strong run up but its time it could pull back. Huge volume between 1.27-1.28 usually signalling a short term peak. Could pull back to 1.21, strong support at 1.12, this level will offer a opportunity to accumulate this stock for the next upswing.

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Hanwell

A company that deals with household product, health consultancy, hospital management services, property development and provides management services to Exon minimart chain of stores. Sam Goi has 15% stake in this company. Today the volume is unusually high. Any M&A brewing? Time to put this stock on watch list. A pullback to 0.305 may be a good opportunity to collect this stock. Strong resistance is at 0.355.

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