I am very optimistic about october and markets will remain positive. US will come up with alternative solution to bailout. I also see that things have already approached worse. what could be further downfall? markets may fall a lil bit but it wont tank further as it already did.
we are near bottoms and you may never see these prices again in next few months..my best recommendation would be to accumulate your positions. i closed most open positions when markets went limit up. in same way, prepare urself for such days and liquidate your positions (even at a loss). Because one must cut losses as well.
by the time our market opens, things will be calmd and u wont see such panic. it is our good luck that markets are closed due to Eid. i guess market reacts more to bad news and less to good news.. it is just bearish sentiment of investors- exists in all world markets.
As you correctly pointed out takaful and Methaq go up in trading volume when the markets are down...Next week I would presume that these two stocks will reach the higher highs... The technicals on Methaq is pointing to a strong price break out..
MEthaq reached about 7.50 on a worst case scenario in the previous market crash and strongly rebounded upto 8.90
In the previous two trading sessions, Methaq again tried to touch the support lines and could not break them at the lowest of 7.70
The next rebound will take on the upper band and might hug the hihger highs of the bollinger band breaking the 9.10
This stock has not corrected yet. Once speculators achieve their target, this stock may have the fate of UPP which held on and moved up while other stocks fell before finally nosdiving over 50%.
The last couple of session on this stock was not very encouraging.
Technicals suggest speculators are left or are leaving the stock.
The current support is critical to decide a stop loss.
3 things will decide the approach of DFM & ADX on sunday, 05th Ocrober,08
1) Bailout (if passed or not)...i feel it will be passed this time.
2) Closing of U.S stock markets..either +ve or -ve...i feel +ve if bail passed early,& also after 2 days of correction (U.S stock markets).
3) The trading on TASI...Saudi stock market.
& guys i see brighter future for TAK-EM.....
& on other hand,if we consider ourselves independent from all the above 3 points,the market must still go +ve on sunday,coz clear buying was seen on the last trading session b4 EID,after a small correction,the markets showed a cool rebound..
any ways as my colleagues say..MONEY IS YOURS...PLAY SAFE..PROFIT BOOKING IS KING
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2008 FY
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