Cosco update

There was this hot topic on forum today about SM Goh's comment that the Garment will strategise to get 500,000 PR holders to convert to Citizen. Almost immediately many forumers fell in to criticise on those PRs who have been holding on to the status for many year without conversion. Some even went on to suggest that the PRs should even pay an annual fee for protection.

To me, what SM Goh said is nothing but diversion of the immigration heat wave that they are experiencing from the people. This reminds me of Rome Colosseum. the very purpose it was built is to entertain people so that they are diverted from the political incompetence of the Government then.

The question is, does changing these 500,000 people into citizen solve the problem of over crowding? It does not, because that is not where the problem lies. SM Goh's comment shows that he simply failed to understand the most crucial issue here. Singapore is over crowded with the facilities and opportunity has been spread thin. Changing 1/2 of them to PR simply made this 250,000 permanant. One might think that you would at least reduece the number by 250,000. That is however not the case,they simply reverted to stay on unsing Employment passes. You will still have these 500,000 here in this country.

What I see here is the Garment not able to tackle the problem they have created through indiscriminant reception of foreigners into this country. In the earlier period, receiving PR-ship was a prestidge because you must qualified with certain qualities such as academic grades before you are even "invited" to apply for PR. Now even prostitute and bus drivers can get PR-ship.

The Garment has done a few major screw ups and they are finding it an up-hill task now to even get the people's support. They are also spooked by what happened in Malaysia and they know that they are next. SM Goh's comment is a desperate ploy to grab support on the ground level.

So what's the forumers so happy about? They have just been conned into thinking the Garment has responded to them when in fact the Garment is trying to make this thread of their permanant. Even if he meant what he said, I doubt that he has the power to do so, he is afterall quite a paper tiger at this point of time.


Fig 1 Cosco Daily Chart

Coming back to the chart, I was not able to get into the blog web yesterday because of heavy traffic sometime at 10:30PM. I wanted to type something on Cosco because I found it quite interesting.

I have earlier noted that it was in the middle of B wave, by earlier august, rightfully the B wave should have completed and C should have started. However, C wave did not materialise. instead it is on extended B with completion of x and then a second a wave.

At present, both indicators are coinciding with the completion of a wave and I suspect b wave is starting. The 21 days moving average is supporting at 1.59 and I estimate it might fall to 1.50.