I am getting old....

I went on a business trip last week to Bangkok, Thailand.The first thing that I asked myself was "where is my plane?" It was supposed to be an 8:25AM flight and yet I could not find the flight number at that time slot. It took me some time to locate my flight number which was retimed to 11:00AM. A check with the counter revealed that the flight was in late the night before and the crew have a mandatory 8 hours rest before they would fly again.

So what to do? I was there at 6:15AM, check-in with a complimentary breakfast coupon, have my breakfast at Burger King. I actually prefer Burger King's breakfast than Mc Donalds', its probably because my family has been having Mc Donald's breakfast more frequent than BK in the past.

Well, the next thing I did was to work at the airport, started with sending firy E-mails to my people to get them to work.

I reached Bangkok by 12:30PM (Bangkok's time), what greeted me at the office there gave me a scare. There was no body in the office! Turned out their boss brought them out for lunch and was only back by 2:00PM. I gave a short course to the technical people and visited one customer, ended my day at 7:00PM.

"That wasn't bad, I still can handle customer visits after all these years." or so I thought. By the third day, I screened through 6 customers, at least an hour each, repeating the same presentation and demonstration, making attempts to convince them to use our solution (with success). By the last time I finished with the last customer, I practically forgotten whose wanted what. I was in total exhaustion.

I could not recovered even after a night's sleep after my return. Every night I slept at 10:00-11:00PM and woke up around 7:00AM throughout the week end and I have not even fully regain my energy.

It was not used to be like this in the past. I think I am getting old.


Fig 1 STI Weekly Chart

I wanted to do an update on STI last night but the service provider seemed to have gone off line. Well, what can you expect from the the Malaysian Malays?

As I looked through the weekly chart of STI, nothing has changed so far. It seems to be doing the second wave and might have even completed right now. Both Stochastic and RSI are heading south. The difference between the 2 is that Stochastic is closing in at the bottom while RSI is still half way there. So am I right to assume Stochastic might be hovering at the bottom for a while waiting for RSI?

On weekly basis, it is supported by the 21 days moving average at3,108 and resisted by the trendline at 3,201. Now this is the interesting part. This is the second time the counter fall below the trend line, I would be alarm if I am in the market right now.


Fig 2 STI Daily Chart

On daily basis, things are slightly different but my feel that they are not far off. Stochastic is at the top but turning while RSI is on its way down. So is the correction over yet?

At times, the piece looks a little like a B formation and might be finishing a rectangle, either that, it is forming a double top. It is trapped between 3,219 and 3,168, so crossing either of these 2 levels are quite significant.

Why is it more a 3-wave than a 5-wave pattern at this time? This is because the low on 7th Dec penetrated below the high of 29th Nov. It violates the requirement for a 5-wave pattern.

Another worrying thing is STI has crossed below the trenline last Friday and remained below even today. Now I am not very sure what the probability is for this to break down, I would at the moment considering a higher chance of down trend than up.

On daily basis, it is supported by the 89 days moving average at 3,117 while resisted by 21 days moving average at 3,187. The trend resisting the counter at 3,197.