Thursday, October 7, 2010

Risk Reduction Action

A quick summary of things, this morning Hang Seng Index has touched 23,000 points. Such a whole number is usually a strong resistance level and true enough the index ended slightly lower at 22,880 points today.

Dow Jones Industrial has also almost touched the 11,000 strong resistance mark. As written in my previous post on indices I think the market might be due for some retracement. Of course there is a chance that I may be wrong and the market will rally to a new level but I would like to keep some profit and minimize the risk now.

I've sold off half my holdings of MGM Resorts @ US$11.86 today. Not going to hold till my true target price. If the market does tank in the next few days, we'll have opportunity to buy back what we sold today.

Remember, keep your profits! Don't let the market take it back from you!

Sell half portfolio of MGM Resorts International @ US$11.86.

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