Dow Jones Industrial Average
Dow managed to break its short-term upper resistance level and set 3 consecutive new record highs and closed the week at 15,961. It needs only 39 points gain to break the 16,000 level.
It should be able to break the 17,000 level by the time it completes its wave (ix) of its major wave (5). Other world bourses are expected to move higher in tandem.
Hang Seng Index
Hang Seng gained 383 points (1.7%) on Friday. Can this be the starting of its wave iii of its major wave 3 ?
iii of 3 can be very dynamic.
Singapore STI
Major wave 5 can be on the way.
After two days of sharp drops on Tuesday and Wednesday, FBMKLCI rebounded on Thursday and Friday, that can be the starting of sub-wave 3 of wave v. I am looking forwards to see FBMKLCI breaking the 1820 level within November and hopefully breaking the 1900 level before end of 2013.
Am I too bullish ? Have I make any mistake in my chart reading ? Time will tell.
PJ Development.
PJ Development finally managed to close above the 1.20 level on Friday. Is that sub-wave 1-2 of its wave v ?
It is possible that wave v of its major wave 3 has not finished its journey yet.
Don't care lah, I have already jumped into its warrant on Friday like a gambler :) If I can make some Kopi-O money then I will have to thank James. Hope that 2 sens gain on Friday is not a sucker.
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1 comment:
Hi Uncle Chan,
It appears that there was a change of hands at the major shareholder level last week between the 2 Ong brothers. There are now plenty of rumors swirling around as to what sort of corporate activity that is about to take place with PJDev.
The new major shareholder is the former CEO of OSK, Ong Leong Huat who is also the brother of the former major shareholder Wong Ah Chiew. Ong's wife also has some 6% direct interest in PJDev.
There was also an article that appeared in the most recent publication of the edge magazine stating a possible merger between Ong's OSKProp and PJDev. As it is, shareholders will want to see a merger with PJDev's books revalued to the current price.
Anyways, here's a toast to a higher price for PJDev and PJDev-WC.
Cheers,
James
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