Saturday, March 14, 2009

Project 365: Day 21 Fourth up day for Wall Street and Madame Jojo's

Spent the entire day in front of the screen monitoring market movements on a highly significant day for market sentiments. A fourth up day for the market means quite a bit to the psychology of investors everywhere. It gets people thinking whether we have reached the bottom or not, this is the first bear market rally for the year and true enough "bottoming" is the oft used word on bloomberg tv the whole day.

If you ask me, I'd still say the market's not bottomed out yet. It will bottom out once retailers start seeing less promotions needed to draw in customers I think. This is what we call consumer-led recovery from the recession. People keep saying that banks will lead the economy out of recession, at least from a stock market point of view. This is right from a sentiment perspective but wrong from a fundamental point of view.

Thinking is allowed and by any means I might be horribly wrong. Today I got myself a small fortune from the gains of next and tesco but no help from ahold yet. Gonna hold them as they still are undervalued. JPMorgan also bagged me some profits but went to the red later, same with GE and Citigroup. Key stock for me today is Microsoft, it took a battering and I love to buy on weakness. Will hold all these stocks through the weekend.

I went to madame jojo's at night for quite a fun night out with yours dearly and gabi. If you ask me about clubbing, funk and old school rock n roll is the bomb. So head over to madame jojo's in soho on friday night if you're in London and you want to get away from the usual RnB, you might just fall in love with it.

Best regards,

Jing Qi Quah

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