Saturday, January 8, 2011
Who is the Patsy?
Does the rally have more hops? asked the Star on the front page of Star Biz Week.
Hmmm, the immediate question came to my mind was who is the Patsy? Patsy by definition is a person that can be swindled easily or sucker. If you are playing poker, that is the guy you should bully.
Reading through the whole centerfold story, most of them think that 1,800 would be an easy piece. Most of them also feel that it will be achieved in the first half while second half of 2011 will be ?????????? many many question marks. Those buy at this level is convinced that there will be buyers at 1,800 but those buy at 1,800 would expect it to breach 2,000. Hmmmmmm......how many buyers out there really have a conviction of 2,000 points target?
Then I looked at the chart and critical events listed in the same article. Since I can't fit the whole page here, I have to be creative and folded the newspaper cutting to show the punch line. Here is the reproduction(click on the image to enlarge).
So who is the Patsy again? Double F.
Sorry if I mislead you to think something vulgar. Indeed you will get double F if you are not careful. ( I know I have some lady and religious readers, please pardon me, I just want to emphasize a point, a very strong point).
I could not find any data of foreign funds ownership all the way back to 1993 super bull run but limited data does show that high foreign ownership is coincides with the peak.It's either they have been churning out juicy stories to sell to their clients or they sparked the fever and many of the local get caught at the end.
The plot is getting thicker. That is because the benchmark index(KLCI or FBM-KLCI or whatever equivalent) is at its 38 years high. Any trend player will want to pile in to play for a while. Get out from the kitchen if you can't stand the heat, some seasoned chef might tell you..........It's too early to fold but just be careful.