Ever since CEO of Genting-SP or RWS sold some 900k shares at about $2.05 on 27 Sept 2010 after announcing better than expected results , Genting shares climbed up to an all-time high of 2.35 on 9 Nov 2010 on a spate of analyst upgrades before crashing all the way to 1.22 last week after a persistent stream of bad news -- earnings below expectations almost quarter after quarter , the last 3 pieces of bad news being SG government curbs on over-gambling at casinos for locals , China slowdown affecting visitors at Macau and MBS-LVS worse than expected earnings.
Given the recent deluge of analyst downgrades after worse than expected results from LVS/ MBS, the most optimistic analyst left standing has probably thrown in the towel on Genting SP so maybe now is the time to pump the stock again , at least until earnings release on 10 Aug though one has to take into account the STi appears to have hit a temporary top or roadblock at 3040/50 (see last post) which may not break until Bernanke-Draghi utters QE or brandishes new bazookas , hopefully this week so caveat emptor ..
see also : Genting SP - trust the chart , not the news-click here
Given the recent deluge of analyst downgrades after worse than expected results from LVS/ MBS, the most optimistic analyst left standing has probably thrown in the towel on Genting SP so maybe now is the time to pump the stock again , at least until earnings release on 10 Aug though one has to take into account the STi appears to have hit a temporary top or roadblock at 3040/50 (see last post) which may not break until Bernanke-Draghi utters QE or brandishes new bazookas , hopefully this week so caveat emptor ..
see also : Genting SP - trust the chart , not the news-click here
6 comments:
Hi Bill,
the price has retraced fr ytd high 1.34to 1.305 now, do you see further upside or it's time to book profit?
thxx
connie
I believe many STi blue chips topped out( at least in short term) today or yesterday,eg. dbs ( 14.99)and capland ( 3.16), sgx( 6.85) hit my short-term toppish targets , so I will be cautious , anyway yesterday I took 2/3 of my of profits on genting sp at 1.335 where I saw a reaction level at 1.335-1.34 , leaving the rest for a ride to National day .. my apologies I forgot to draw that level on the chart..
Regards
Bill
thanks for the reply, Bill. I didt manage to sell at that point, genting nt looking too good now>.<
In general if you have a good dow nite ( say up 200-300 pts) and the stock had already run up somewhat the previous day in anticipation, it is good policy to take at least some partial profits the very next morning ( and totally disregard for that moment what long term price target people tells you - one bird in hand is definitely worth more than two in the bush ) .. can always buy back after the reaction runs out of steam at a good support level .. of course that might incur some extra brokerage commissions which though a pain in the ar.. should not be allowed to affect one's self conditioning/ discipline in reacting to the market flow.. if comm is an issue find a cheaper broker ..
Genting looks strong at 1.285( see orange line) for now.
Regards,
Bill
Thank you for your kind reply, I will bear this in mind:)
Happy & profitable trading Bill!
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