After my talk last evening where I shared some current market outlook and the strategies to trade this current market, I went home, got changed and then get ready to meet some clients at the Jumbo Seafood Restaurant.
http://stockmarketmindgames.blogspot.sg/2017/09/follow-ronald-k-trades-session-by.html
Jumbo is a stock I traded very frequently back then and I decided to try their food again after so many months of ups/downs in the stock. I wanted to see if the standard of their food was still the same as before and after IPO while their business expanded overseas. I must say that they were as good as before and their service was pretty good too. My clients enjoyed it as we ordered their famous chili crab and some other tasty seafood while dinner was on me. I sponsored my clients dinner as when they are happy and enjoyed it, I know I did a good job of recommendation.
However looking at the stock prices, Jumbo had been selling down all the way and the last time round when I shorted this counter at 0.605, the stock just kept tanking without much buying support from any BBs. It even went below Ron Sim's buy price which got me thinking what happened to the company in a whole?
http://stockmarketmindgames.blogspot.sg/2017/08/jumbo-below-ron-sims-price.html
Upon studying the chart carefully, it seemed as though it might be tanking lower with more bad news in the making. The last time round when the stock tanked, their profits was down by 1.1% and I am not too sure what's the next big hit in the coming weeks/months but I do know one thing, the chart is not beautiful for another bull run.
I am bearish on this counter for now and don't be surprise to see lower prices in coming weeks. If it continues to tank lower, I might accumulate the stock big time for the next wave up. But with that being said, the timing to buy is important so as not to get trapped at high prices and reactions. Let's see.
Ronald K - A Game Changer
