Perhaps it's a good thing I did not load up on Midas

Ironically, the counter I thought would give me the perfect Christmas failed to do so. Midas tanked, and continued to test its 38.2% support line, an indication that the uptrend may have stalled or fizzled out. I shall no longer pursue with this trade. This was unlike the scenario 3 years ago, where the counter gained strength to strength.

For 2009, I expect the stock market to continue to be challenging and difficult to make money from. Hence, my exposure will be rather limited. Instead, I will look more at forex trades.

Currently, my only position is China Communications. I have lowered my 1st profit target to 10.29, a tad below its recent high, to reflect the difficult trading conditions currently in the market, and because it is still a bear market. I also expect the market to soften again after Jan, as most of the euphoria surrounding Obama's swearing in would have dissipated by then, and people wake up to the realities of more grim news from the corporate front. Therefore, my intention is to clear all positions before Chinese New Year, even though Chua Soon Hock says H-shares are bound to rally.