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As of Jan 28, 2011, my cash level was at 8,666 and portfolio value stood at 40,151 or cash/portfolio of about 20%. However, if I were to include Amway which I consider as near cash, my cash level is about 32%. Actually I am quite comfortable with my cash level without disposing anything. I have decided to dispose 3000 Alcom shares at 0.98 for some reasons I will explain shortly. This will bring my cash to 15,711 to about 40%.
It is kind of difficult to decide which stocks to go or why am I not getting rid of MUI or Parkson again. MUI has corporate exercise in place and stock price has been resilient despite of strong corrections in the past two weeks. Parkson is still selling at steep discount compared to what is being sold in HKEX. CIMBX25 is very cheap and I do not think it is right that I let go this stock. ICAP is greatly undervalued. Even the stock were to fall by 10%, it is still selling at 12-13% discount to its NAV. Alcom is emitting bullish signs actually but the strong Ringgit is one of my concerns and relatively muted recovery in demand may need longer time to realize its potential. So, among the whole bunch of stocks, I reluctantly letting go this one.
Looking at stock market actions in our Bursa today, the stock market is relatively resilient despite of we are going into long weekend. I hope retail investors should not get too bearish.
Going back to the US market, though the market has started to correct, the question is what kind of market correction will we get - shallow ( 5 - 7%, 11,500) or deep correction (10% or just below 11,000). I am leaning towards shallow correction for now.
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