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Monday, 06 December 2010

我反對申亞奧的

簡單D來說申亞有乜好,

1. 為了政府肯起多兩個場館?

2. 為了推廣運動

SORRY 囉,

香港人係忙到做唔島運動囉,

你起個單車場係我旁, 都係比班運動員競速競賽用, 有時間剩先比我地呢D賤民用 =]

再者, 爛地左十年, 拍柀都年幾兩年, 爛地只係變左爛地盤

人地新地幢樓, 都己經由0起到幾十層的樓高

WTF =]
2823 A50 比你都唔好買

對手風險惹關注合成ETF遭質疑
貝萊德：A50交投無礙市場仍捧

以投資掉期協議等衍生工具「合成複製」回報的交易所買賣基金(ETF)，所涉對手風險早前時引起市場關注。處於風眼的A50中國（02823）ETF發行商貝萊德董事總經理高磊（Nick Good）稱，事件對A50的交投未有重大影響，市場對此ETF興趣仍然濃厚。

傳媒報道 A50非揸A股實貨

今年7月中，有傳媒大篇幅報道A50中國並非直接投資A股，高磊接受本報訪問時，認為有關報道過度集中於A50涉對手風險的弱點，但強調事件後A50交投未有重大變動，而旗下安碩(iShares)舉辦的ETF研討會每次均有達100人出席，公眾未有因而對ETF大起戒心。

投資A股渠道少合成拓ETF

至於證監會鼓勵ETF盡快落實「產品資料概要」（簡稱KFS）文件，高磊認為提高ETF的透明度，對行業發展有正面作用，而安碩以合成方式發展A股ETF，主要是因為投資A股渠道有限。他並稱，安碩不倚賴於合成產品，而公司全球逾440隻ETF中，只有不足20隻為合成產品。

貝萊德董事總經理李婉雯補充稱，向客戶提供KFS，可讓用戶更容易比較不同的ETF，例如追蹤指數、費用率等，讓他們可更清晰選擇「以確保投資者買的，和他們想買的是一樣」。

李婉雯稱，KFS中的大部分內容，安碩都有於其網頁定期更新，公司毋須另花大量工夫準備，現需待各同業及監管當局協議推出的時間表，料不久將可推出。

安碩本港管理資產增3成

在金融海嘯後，ETF憑其較易明白的特點發展迅速。雖經歷近日證監提高披露的新要求，但高磊稱今年安碩亞太區內管理的資產，今年上升4成，本港的管理資產更增加3成，成區內增長的主要動力。

高磊稱，香港作為安碩於亞太區內發展ETF的集散地（hub），今年已增聘逾二十人，令整個團隊至逾50人。

港ETF市場稚嫩擬推廣教育

作為本港ETF市場的領導者，高磊稱未來拓展重點，並非在搶佔更高市場佔有率，而是希望吸引更多資金、投資者進入ETF市場。「要推出一隻ETF並不難，要令產品成功才因難。」

至於產品發展方向，高磊希望可以開拓更多追蹤不同市場的ETF產品，也包括定息產品、股票類的ETF，但最終仍須視乎市場需求。

他認為本港ETF市場相對歐美，發展仍屬初步，故安碩今年會花更多資源於投資者教育工作方面。李婉雯補充說，向投資者推介利用追蹤不同資產類別的ETF產品，作為資產配置的工具將為市場推廣的一大重點。

（系列之二）

撰文:劉德斌、張沛恆
系列名:ETF大作戰系列

Ansonkywong

ETF 本身係一個收費平, 分散風險的工具,

但當市場熱炒, 工具往往會出現錯價,

買資價要比10%溢價, 咁買其他基金都無咁嬲, 起碼係用NAV麻

再唔係, 自己走去大陸買A股啦, 如果自己去買就平10%, 100万即平10萬

再再再唔係, 你就去買國指期貨啦.........回報一定比他好

香港人就是不太會格檟 ="=

Tuesday, 13 July 2010

你候暖化最大成因係jp morgan 囉..........

This is what the great myth of global warming is all about:

"In a sign that JP Morgan Chase is making a call on the future of the carbon trading market, it has launched a 100p a share, or £123m, bid for carbon credit aggregator EcoSecurities, trumping an earlier offer from the company's co-founder.

Obviously the great majority of climate scientists, the IPCC, just about every national science academy, the great majority of scientific, engineering and medical professional associations throughout the world are working in the service of JPM. Slightly implausible isn't it ?
你地唔buy 佢個concept, 佢點做生意呀 ~.~
Economists see end to US downturn

New house building in the US increased in May after a record low in April
The US economy should emerge from recession by the late summer, according to economists from some of the country's top banks.
The American Bankers Association's Economic Advisory Committee has said it expects economic activity to increase by 0.5% between July and September.
But committee head Bruce Kasman said the economy would "return to growth [in the quarter] but not to health".
The bankers also said US unemployment would hit 10% early next year.
Separately, the secretary-general of the Organisation for Economic Co-operation and Development (OECD) has said that economic recovery within the group's 30 countries will begin at the end of this year.
Speaking in Mexico, Angel Gurria added that the US would be one of the first countries to come out of recession.
Housing recovery
US consumer spending, which accounts for about two-thirds of economic growth in the US, should increase in the second half of the year and help to moderate lay-offs and cuts in investment spending, the Economic Advisory Committee said.
"Coupled with support from policy stimulus and an improvement in financial market conditions, these developments have made it likely that the overall economy will expand in the second half of the year," it predicted.
Mr Kasman, chief economist for JP Morgan Chase, also said that a recovery in the housing market would be an "important contributor" to economic growth.
But he cautioned against too much optimism.
"Growth in the coming quarters is likely to gather momentum but will not prove sufficiently robust to undo much of the severe damage done to our labour markets and public finances," he said.
This means that growth would not return to "trend pace" until the middle of 2010, he added.
For this reason, unemployment would remain at or above 9.5% for the whole of next year.
The current unemployment rate in the US is 9.4%, the highest since 1983.
Mixed messages
The US economy contracted by an annual rate of 5.7% in the first three months of 2009.
It has shrunk for three consecutive quarters - the first time that has happened since 1975.
And recent figures have sent out mixed messages about the timing of any recovery.
Earlier on Tuesday, figures showed that the number of new houses being built in the US in May bounced from record lows in April.
But separate figures showed that industrial production fell by more than analysts had expected.

Tuesday, 29 June 2010

A DT Trading System - swing/day trading

Not sure where this belongs...

Here’s a winning system for swing longs. It will work for some and not for others because it has both technical and fundamental aspects and requires a dose of discretion. I use this once or twice a week when I have time on my hands to look for items of interest and I usually spend about 1 or 2 hours on it. I only do this in the absence of more interesting things going on.

This is only going to work in an up-trending market. It’s up to you to decide if the current market is up-trending or not. I’m still long for now.

Finding opportunities
To find opportunities, you need a scanner. Here’s what I scan for:

Symbol Universe : all stocks
Close Price : $15-$75
Average Volume > 500,000
Stochastic SlowK <= 30 (adjust down if you get too many opportunities, 30 is OK for now. This finds pullbacks)
Beta > 1.5 (again, adjust down if you get too many opportunities, don’t go below 1 though)
Close Price > 200 period daily MA
Last bar or prior bar – Bullish Engulfing, Bullish Harami, Morning Doji Star, Morning Star, Hammer Or just a higher high.

In summary – looking for relatively volatile stocks with volume that are in an uptrend but pulling back (stochastics)

The last part (candles) is merely looking for a sign of bullishness in the current pullback.

NOTE – DO NOT ENTER BASED ON THESE TECHNICALS. TA is just being used to find pullbacks. Stochastics is a great indicator to find something that pulled back but it is in no way predictive.

Review the list
OK – so the list will throw up some crap, it's not a perfect scan but 20% of the work does 80% of the job. You’ll maybe get 20-30 stocks, throw away those that are going sideways, recently did a double top or otherwise look a bit dodgy.

Take a look at the 15 min chart over the past 5 days – does it still look like it is starting to strengthen? Sometimes that daily bar will look strong but when you look at the day’s action itself – it doesn’t look so hot.

Review the stop loss & target.
Stop loss will be 2c below last swing low or more depending on how much you worry about Market Makers moving the market down to take out the stop loss on your 20 share order. The more cents stop loss,the smaller your position size will be.

Entry will be 2c above the current or prior bar, whichever is higher. Use a bit of discretion here – if the bar 3 bars ago looks to make more sense, then use a breach of that.

Target – well, I use the last swing high, less a few cents as my target. Of course, I expect the stock to blow through that swing high as the stock is in an uptrend. I don’t use that to figure in my calculations though. If the last swing high was $28.10, then probably better to target just below $28.

Calculate Position Size
First figure out your risk per trade. You can do all the 1% risk per trade later. For now, I’d recommend sticking to a max loss of $30 per trade, even on a $25K account.

Position size = Risk Per trade / (entry – stop).

Then figure out potential risk & profit.

Risk = Position Size * (entry – stop)
Profit = Position Size * (target – entry)

I like my potential profit to be at least 1.5 times the potential loss. You can adjust as you see fit.

Now you will be down to a handful of stocks.

Decide which trades to place
Here’s where you need to look at the fundamentals. People will tell you that you do not need to do this for swing trades, that price action alone can be used. I disagree.

Done properly, it should take you about the same time to look at a stock as it would to choose a meal & bottle of wine in a nice restaurant. The way I look at it – if it keeps me out of more bad trades than good – it’s worth doing.

Note – what you are looking for here are REASONS TO NOT TAKE A TRADE. You are not looking for confirmation of the stock that popped up on your scanner; the scanner is dumb. You are looking to find out why this thing has pulled back & if that is actually evidence of something amiss in the stock.

First off – news. I use www.Briefing.com – but that’s only really good for real time snippets. I find that www.finance.aol.com is an excellent source of information and one of the most complete sources of news including SEC filings. Read the news, read the SEC releases and get to know them.

Take a look also at the institutional ownership, insider ownership, insider transactions and the short info.

For insider transactions, www.insidercow.com is good.
For short info, www.shortsqueeze.com is good.

Note that you really need to understand how the insider & short information is collated and how often. The information is not necessarily current. How timely & how relevant this information is requires some work which I’m not going to do for you.

I also like to look at the stock relative to its peers – again www.finance.aol.com is good for this – look at the PE in relation to its peers. Stocks with silly PEs like 80+ I generally avoid. Price Earnings, Price Book, Price Sales are really best viewed in relation to the companies’ peers/competitors. Google finance is also good for this. If something is way overpriced in relation to its peers – I’ll pass thanks.

I will get shouted at for this – but you can also look at the message boards on yahoo and raging bull. It’s 99% crap but occasional gems are there. Any info from this source should be checked out elsewhere if possible.

So – now you’ve thrown some more stocks away and you have a list left of things where the pullback isn’t due to a cholera outbreak or the CFO and his secretary running away with all the cash.

For any stock – if you have any doubts at all – take it off your list. Even if it’s just a gut feeling. If on the other hand, your gut has a good feeling about a stock – ignore it. Certainly until you have been in the game a while.

If you don’t like the fundamentals but the stock does appear to have had a good rally day – then look at day trading the day’s action. There will be other people looking at this stock and they will have seen that it’s maybe resuming after a pullback and you may be able to pull a nice little day trade out of it.

Avoiding Market Risk
First of all, you have to remember that opportunities are going to come along most days. You also have to remember that if the market tanks – and I mean TANKS, not just a down day, then all of your positions are likely to go with it.

On the first day you do this – place only 1 trade. Just pick one and put it in. As this goes into profit, you can put in another trade. If you have say – 3 trades on and they are all in profit – add another.

It’s probably best to explain this with an example. Recently there was a big shock in Dubai with the defaults. On that day, the market tanked. On that day you wouldn’t really have know whether the market would bounce back or not. At the start of that day, I had 5 positions on. 3 in profit, 2 in loss. As soon as the market settled down, I got out of all positions, showing a small profit overall. Had I placed 5 trades the day before the Dubai default, I’d have gone well into loss. So – don’t forget market risk. Don’t have too many positions running at a time and don’t put them all on at the same time. A few in profit will help if the market has a slide.

Now – of course, if I’d stayed in all 5 positions across that Dubai default, I’d be well into profit on all within days. The problem is, I don’t have a crystal ball and so I got out at that point.

Placing Your Trades
One way to place your trades is to put in stop market orders the day before. This is a great way to slip 20cents at the open. The markets generally open in a flurry and a stop market order is just a market order that gets sent when the price hits a certain level. That market order goes in a queue and gets filled at whatever the ask is at the time it gets filled. I have slipped 60c on an entry with a stop market order placed for the open. Never again.

Only a limit order guarantees you a price. So, depending on your broker, you can enter a stop limit order (sends a limit order when price hits a stop level) or you can watch the open and then after 3-5 minutes when things settle down, place your orders.

Once the market opens, if the price is still below your entry – a stop order is fine – you may slip a few cents but not too much as we are dealing with liquid stocks. If the open blew past your entry, then put in a limit order to enter when the price comes back down to your entry price. If it doesn’t come back down – just pass on the trade or day trade the momentum. There will be plenty more.

Trade Management
I like to look at 15 minute charts as I can see 5 or 6 days action on 1 screen. You can see intra-day support points that aren’t evident on the daily chart. There’s no mechanical rule for moving your stop up – but if you see the price hit a level on multiple days and kept moving up afterwards, then it’s obvious that there are people who think value lies at that price. Putting a stop just under such a point after it has left that area is something I do.

If the stock goes sideways & I am in profit – I like to bracket the exits around the range – as long as both my stop and target exits are well into profit. If the stock goes sideways and you aren’t in profit or it’s moving sideways around your entry point – I’d scrap it.

You need to watch the news on the stock every day. Get out if the news starts to turn sour or it a big boy like Goldman downgrades the stock. If the stock is going down towards your stop loss, especially on bad news for the stock – get out, no need to wait until you get stopped out.

If the stock gaps down through your stop loss – get out immediately. If you want to wait for it to come back a bit, then you better become the master of tape reading. You should not hold on to a stock that has gapped down through your stop unless you see momentum to the upside (my opinion).

As I reach my target, I make a call on whether it’s going to make a new swing high or not. Generally speaking though – I’m usually out just below the last swing high. I know most will disagree with this, that I should be entering a pullback with a view to making a new high; I just don’t generally do it.

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ansonkywong

- Name: ansonkywong
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I like meeting friends and help people. I am active but not too active as well. I am FCCA and CPA and now working with Convoy dedicated my self in helping people to get rich.