GR pointed me to the MMFAIS site, highlighting how CS has been selling lots of stuffs (err.. I mean holdings).
Among the very long list includes counters like ACC and ARE; both are REITs.
The interesting fact here is 100% of both counters are sold off.
A lot of the sales took place this month (May 2009).
Maybe, it does not mean anything at all. Since I do not know how CS operates. But, I guess 100% sale can suggest that it is not attractive to hold them long term.
My MACD readings is a bit rusty. So, take it with a pinch of salt.
The following chart uses 2 indicators to determine a short entry.
1. 20 day MA
2. MACD histogram
Some points to note:
1. ARE has been trading at a lower range. Look at the boxes drawn. It is still not clear if the new range is between $31 and $35.
2. Yesterday, closing provides a clearer picture that it is now being resisted by the 20day MA. In fact, if I recall, yesterday ARE was ‘up’ till the later hours of the day. Perhaps, a sign that the bulls are getting exhausted.
3. MACD. A possible MACD bearish cross. I also counted 4 consecutive green MACD histogram. If a red histogram appears, that is my signal to short. (4green histogram followed by a 1 red histogram)
NOTE:
Reminder: My MACD readings are ‘rusty’. Perhaps, others can comment if my reading is right.
I have enjoyed the ride for Palm all the way up from the moment Palm Pre was showcase on CES (was it CES??).
I started taking profit the moment the news on its launched was announced (I still owned some shares but has reduced significantly).
Since then, there is quite a fair amount of selling as well.
Tenkan sen has also start turning down as the last 3 days has seen fairly high volume of selling bringing the price down to the $10 range.
There is a chance that the price level will hold above $10 judging fro the kumo support . However, I will not count on that.
If the major indices turns down in the coming weeks, there is a chance that Tenkan sen will cut Kijun sen and we will have a sell signal. We might see PAM being pushed to $9 range before the supports kicks in.
After all, PALM is still burning cash and the ‘new’ revenue won’t kick in until the launch in June. After which, one has to wait for the release in Canada (which I suspect will be before Christmas).
So, for those who are sitting on a tidy profit from PALM, consider taking some profit. Or at least, be prepared that more selling may signal a bearish signal (an end to the current ‘hyped’ rally).
