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My Charting Blog

It is interesting that I start off this Blog when the Singapore Stock Market is heading south. However, this makes it more interesting for me to write on as the market turned volatile. My interest is Technical Analysis, TA for short. I love to look at charts and predicting where they are heading. This blog is or me to record my thoughts on the market. The articles on this blog are based solely on my personal opinion on the charts that I read and readers should not take it as absolute.

10/28/2010

Head and Shoulders, and its not dendraff

I remember it is my final year in my diploma course that I learned about responsibility and accountability. It is an interesting subject and I remember the concept well. The topic was part of the Supervisory subject.

The existence of responsibility and accountability is a result of exsistence of hierarchy. Responsibility is different at each level of a hierarchy, the higher the level, the area of responsibility increases.

An operator at production line for instance, carries the least amount of responsibility of probably inserting a certain number of components, a line leader would be responsible for the proper working of a group of operator, a supervisor would be in charge of a few line leaders, meaning a few groups of operators, a production manager would be in charge of a few supervisors and operation manager would involve the production, Engineering and quality control.

With responsibility means power, it also comes with accountability. an operator may only be accountable for the few components that she takes care of, but a production manager would have to answer on behalf of the operators from the whole production floor. Accountability is in fact very important to ensure proper working of a system.

What would happen if the acccountability is removed from responsibility. This would mean that one need not answer to any wrong doings therefore there is no consequence no matter how big the damage caused.

So where do we see examples of responsibility without accountability? Malaysia is certainly a good example. For years the malaysian Government has been in full control of the country, over the years, they realise that they can get away with any wrong doings because no one would be able to take them accountable. They colluded with the police, control the judicial to further prevent people from convicting them of any crime.

The effect is corruption and complacency. Greed is seen on those in power. In fact there are roumors that the high powers compete on how much bribe they are getting, they are not interested in one or two hundred thousands, we are talking about tens of millions! As there is no accountability, it does not matter if the job is done, since no one would be charge for any failure, no one would be sack at all. Such acts suck the life out of the country.

What about Singapore? I recall LKY ever mentioned complacency. This was right after MAs Selamat managed to escape. I believe LKY want to tell the people of Singapore that they are complacent. But who exactly are complacent? The people are only accountable of their lives beacuse they have no say in policies, they also have little choice of who should represent them, choicing the wrong side means dealy consequences like no lift up-grading. In fact, there is no complacency in people's part because the only concern is to make a living, if you don't you won't survive. Some how it seems like the strategy of government work to create 100% employment.

It is in fact the Government itself being complacent, because there is no accountability as long as it is not in the light. With complacency comes corruption, the check and balance does not exist, that is why we have cases of director of civil service earning 12 mil and drive sports car. If not for the accident, no one even know how much he has taken. Well, some may argue that this is only one case. But is it? For one case to come to light, there are 10 still hidden.

To get the country working properly, check and balance is necessary, a single party system would certainly fail to do so.


Fig 1 STI Daily Chart

I will make this one short because I have just wrote about it a few days earlier. What I see today is a head and shoulder formation with STI broken the neck line, it is heading for 3,073 but not before retracing to neck line. The 50% Fibonacci retracement is at 3,068.

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