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NYSE : MGM Resort International Inc

With regards to my MGM Resort International post earlier, yesterday night it seems MGM have dropped to our cut loss target price.


You may have sold of your MGM yesterday night near market close at $9.14. Unfortunately this was one trade which didn't turn out good. I'm still keen in looking to enter this counter at another better entry point.


As of now, Dow Jones Industrial has closed below the 10,000 support level. It seems the market has taken a bad turn and might tank further. It is advisable to sit out this period and monitor for any turn in events. I do not believe it's worth shorting the market now as companies seems to be performing well.

US Jobless claims drop 31,000 to 473,000

The number of people filing first-time claims for unemployment benefits fell for the first time in four weeks, down 31,000 to 473,000, the Labor Department reported Thursday.


Despite the decline claims are still at an elevated level that reflects the weakened state of the U.S economy. First-time filings for the latest week are higher by 4% compared to the start of 2010 and by nearly 11% since early July.


US initial claims - 473,000
Projected initial claims - 490,000
Previous week initial claims - 504,000
4-week average initial claims - 486,750
Previous week 4-weeks average initial claims - 483,500 


The full article is available from MarketWatch.

SGX : Neptune Orient Lines (NOL)

Neptune Orient Lines Ltd (NOL)
The latest operational update on 16 August 2010 showed that NOL container shipping volume (FEU) for Period 7 (26 June 2010 - 23 July 2010) increased 18% comparing to same period in 2009. There is actually a decrease in volume gap. The initial periods for 2010 had a larger shipping volume increase when compared to the initial periods of 2009. Perhaps this is a sign of economy growth slowing down. The Average Revenue Per FEU, however increased 39% y-o-y for Period 7 while YTD revenue per FEU increased only 15% y-o-y. This shows an improved core freight rates in the major trade lines.


I felt that NOL has been a lagger in this recovery and this counter has still got more upside potential then others (eg. property and bank counters).


Technical analysis shows that NOL has came down recently from $2.16 to the $1.90+ range. The short-term support level is around the $1.83 mark but there is also a chance on NOL having mild support around $1.87. This counter have not closed below $1.90 yet but I feel a good time to enter is probably when SGX market opens tomorrow.


Entry price : $1.83 - $1.87
Cut loss price : $1.75
Target price : Around $2.15 (will post when the time is nearer)
NOL did not hit entry price on 25/8/2010

D-Day for the Market

What a day. The global market tanked today to the trendlines support levels which I mentioned in the previous post on major indices. Tomorrow will seem like a crucial day. Should the trendlines fail to hold, we'll need to cut losses of the previous positions we took and prepare for the worse.


A quick recap:


Hang Seng Index
Closed at 20,659. I actually wrote support level at about 20,750 so might still be ok.


Shanghai Stock Exchange
Closed at 2,777. This is hitting the short-term resistance level and I foresee it turning down.


S&P 500
Closed at 1,052. Support level 1,055.


Dow Jones Industrial
Closed at 10,040. Support level around 10,000.

Signs of Uncertainties Ahead

The recent spate of stellar earning reports, coupled with the faltering US economy (worsening job situation), has resulted in investors having a very mix idea of the market direction. Fears of a double-dip recession seems to be at a high and may have a negative effect of the upcoming week.

I'm looking at some of the major indices for some preparation for next week:

Dow Jones Industrial

Looking at the chart, we seem to be at the crossroads now. Our current level is just touching the border of a middle support level. Should the negatives continue, I would be looking at Dow reaching a level of approximately 10,000. Upside though is approximately 10,700. The next couple of days will be crucial.

S&P 500

The S&P looks to be very near the main support line. I am expecting to see strong support coming in at the 1055 level. But should this support be broken, the market is going to look very bleak. Again, we should know the answer by the first half of the week.

As a summary, should the support levels hold, I'm not expecting a huge drop in the US market. Probably at most 1 day of big plunge before the market start picking up again. HOWEVER, do take note of the mentioned support levels, once broken, we could be in for a bad ride.

Hang Seng

Let's start with the Hang Seng index for the Asian markets. The Hang Seng seems to be trading within the recent channel. Upside resistance level should be about 21,650 and downside support should be somewhere 20,750. However, should 20,750 support be broken, again it looks like there could be a significant plunge. Limited upside potential.

Shanghai Stock Exchange

Oh how I hated the past few months of China market. China seems to have lost her steam, and in addition to all the tightening from the Government, the market seems to have come to a standstill. Good news is, I think the Chinese Government has succeed in taming the market and I don't foresee any further tightening policies coming up. Bad news is, the Shanghai Stock Exchange is trading just below the middle resistance level. We'll need some strong momentum to broke this level. If not, I see the market turning south to a level of about 2,580.

Overall, I think majority of the world market seems to be trading at either resistance or support level. It's very hard to see a clearer direction it's heading. As such, I would recommend conservative investors to sit out this period and wait for the fog to clear. For the more ambitious traders, the next few days will be crucial. I foresee either some good bargains coming up, or some cut losses to be made.

Good luck.

SGX : Ezra

Ezra

Ezra has been one of the few oil and gas company that I've like monitoring. Judging from their 3rd quarter financial statement, they seem to be pretty stable. I'm also giving them extra points for having JVs with Keppel Corp.

The share have taken some beating in the past few months dropping from about $2.50 to the current level of around $1.80. Base on the chart, it seems like a decent time to enter this counter. However, looking at the oil and gas industry as a whole, this might take a while to hit a good profit level. Nevertheless, I'll look to enter tomorrow if it opens above $1.82. (Judging from tonight's US market result, there is a high chance of that happening).

Entry price : $1.82 or slightly above

Cut loss price : $1.62 (conservative readers can try $1.74)

Target price : Should be above $2.10 (will post it when the time is nearer)

SGX : Genting Singapore PLC

Genting Singapore PLC

Genting has recently just posted their strong quarter result. Their share price has skyrocketed in the past 2 days. Congratulations for anyone who have bought them before!

I've created this post because many of the people around me are starting to notice Genting now. Seriously now?!? It's too late, the stock has rocketed way beyond my initial target of $1.49. Question is, will it still go up? I wish I have a crystal ball to tell you the answer. I seriously do not know, but since it's way over my target price, I'm taking the profit now. Seems like this counter will be too erratic in the next few days for me to trade. Good luck to whoever's still holding it but I'm out.

NYSE : MGM Resort International Inc

MGM Resorts International Inc

MGM Resorts International Inc has just recently posted their second quarter results which was bad. The company lost $883 million, or $2 a share. However, this was due mainly to various charges, which if removed, the company would have lost just 35 cents a share. This information was published from MarketWatch. Base on this, I felt that the company's share is still worth taking a look at and I'm expecting a much improved result for their 3rd quarter.

From my technical chart analysis, the timing looks good to enter pretty soon at a price of $9.90.

Entry price : $9.90

Cut loss price : $9.20

Target price : Around $12 (will post when I feel it's time to sell)