OCBC

[iam802]

Just to add on, UOB exhibit the same behaviour as well.

DBS is holding on there...but, the bearish cross should be coming as well.

Is this the start of the correction for STI?

[iam802]

2010Jan-OCBC Bk-800x600.png

I believe the current price is 8.22... below the kumo support.

[iam802]

Compared to Wilmar, OCBC situation seems to be more bearish.

1. We can see from the ‘vertical line’ that marks Jan 4 this year to the second ‘vertical line’ which marks the last day of trading for January 2010. Throughout January 2010, OCBC has more down days than up; breaking support levels as it goes.

2. So,where are we now with respect to OCBC?

- It has already have a bearish cross from Tenkan sen and Kijun sen.

- The leading kumo has also turned; suggesting a bearish outlook.

- It is now trading near the bottom of the kumo. Any price within the kumo is considered trendless. But, with its trading time at$ 8.28 at lunch time, I think there is very little chance of it going above $8.35

- In other words, after its gap down and rebound, OCBC is set to make a lower high.

[millionairemind]

802 - In your opinion, at what price is a good entry for short positions on OCBC?

[iam802]

Short today?

Maybe anywhere between 8.26 and 8.35 and we can use 8.40 as a tight stop-loss.

The logic is that it is still fairly near to its resistance level (hence, minimising your possible loss)

Alternatively, see if it goes back to 8.50 before shorting.

Note:
Just had a thought. Have anyone request angbaos from the banks (any banks) yet?
Is it nice, or does it just looks cheap, ugly and a mirror of the cost cutting exercises from the banks?

[millionairemind]

Short today?

Maybe anywhere between 8.26 and 8.35 and we can use 8.40 as a tight stop-loss.

The logic is that it is still fairly near to its resistance level (hence, minimising your possible loss)

Alternatively, see if it goes back to 8.50 before shorting.

Note:
Just had a thought. Have anyone request angbaos from the banks (any banks) yet?
Is it nice, or does it just looks cheap, ugly and a mirror of the cost cutting exercises from the banks?

Tks. I went to change money at UOB for CNY ytd. They gave me 4 packs of anybaos. Quality OK la

[Aspellian]

Note:
Just had a thought. Have anyone request angbaos from the banks (any banks) yet?
Is it nice, or does it just looks cheap, ugly and a mirror of the cost cutting exercises from the banks?

DBS have new ang-bao designs - quite nice. last year they recycled old stocks and old designs.

based on ang-bao designs, short OCBC long DBS?

[iam802]

Note:
Just had a thought. Have anyone request angbaos from the banks (any banks) yet?
Is it nice, or does it just looks cheap, ugly and a mirror of the cost cutting exercises from the banks?

DBS have new ang-bao designs - quite nice. last year they recycled old stocks and old designs.

based on ang-bao designs, short OCBC long DBS?

Maybe we want to long the one with the worst designs and short the others.

Rationale: Worst design or most ugly = Cost cutting is deep enough and will be effective!

Back to stock market. Seems like the stock does not want to go down further and is bouncing up a little.

[Blackjack]

I collected many ang pows from different banks. UOB is the worst quality of them all. Except they have the privilege banking series which is quite nice. Mass market kind, cannot make it sia.....

So what, long UOB?

[winston]

Not vested.


OCBC Q4 profit up 67 pct; cautiously optimistic

SINGAPORE, Feb 19 (Reuters) - OCBC , Singapore's second-biggest bank, reported a 67 percent rise in quarterly profit, in line with market expectations and helped by gains from its insurance business and higher trading income.

Oversea-Chinese Banking Corp (OCBC) clocked a net profit of S$502 million ($356 million) between October and December, compared with S$301 million in the year-ago period.

Analysts had predicted a net profit of S$504 million, according to the average of six forecasts compiled by Reuters.

"For the year ahead, while we remain watchful of developments in Europe, the U.S. and China, we are cautiously optimistic for a gradual recovery in Asia's economy and in our key markets," CEO David Conner said in a statement.

Earlier this month, DBS Group , Southeast Asia's biggest bank, posted a forecast-beating 67 percent rise in quarterly profit, as strong fee income and a tax writeback offset an about 40 percent jump in bad-debt charges.

Singapore banks are forecast to see better earnings in 2010 because of a strong economic recovery in Asia, strong capital markets and a likely decline in bad loans.

Singapore bank shares have weakened this year after a sharp rally last year when financials globally recovered from the market meltdown in 2008.

OCBC shares have fallen about 6 percent this year after surging 82 percent in 2009. The benchmark Singapore index <.FTSTI> is down about 4 percent so far this year.

Source: Reuters