Friday, October 31, 2008
Thursday, October 30, 2008
10:19 am - DJIA is up but selling volume remained low !
Watch out for the presidential election on Nov 4.
Wednesday, October 29, 2008
11:46 am - Market Outlook by Bill Wermine !
Dear Traders,
On Wednesday, Sam Gibson, an executive with Man gave a briefing on Man Funds at the PJ Hilton. Many of you including myself and Martin are invested in Man and are worried as many hedge funds are bust or lost most of their assets.
Here are the highlights of his briefing:
1- Man AHL has performed positively this quarter making a small profit. Man AHL is the driver of Man Essential/ Eclipse Funds.
2 - Losses as reflected in your Fame account are because the AUD dropped in value versus the RM. Sam reported that the AUD may recover in the next few months
as world credit problems resolve themselves and banks start to lend again. He also mentioned that Australian Banks are solid and not caught up in the credit crises and this is AUD supportive. Demand for commodities which Australia produces is still strong from China despite the negative press.
3 The Australian government has announced that they will guarantee all bank deposts. This means your capital guarantee for the Man Funds is secure. Your guarantee is secured in AUD government bonds and no exposure to AIG/ Lehmen or any mortgage/subprime bonds.
4 The holding company of Man listed in London FTSE is an asset manager and not a bank which means they do not suffer credit problems that UK banks are suffering.
5 Man AHL deals in commodity markets and exploits trends both up and down. Because commodities are traded on an an official exchange such as the CPOT or CME with a clearing house and in cash there is virtually no risk of default.
6 Man is a fund of funds and not a one man show fund. THis means you are diversified among markets and managers. Most hedge funds that went bust recently are one man show funds.
7 Man fund withdrawals by fearful investors have been very limited in this market turmoil testifing to the confidence of institutional and professional investors in Man.
After listening to the presentation I have decided to personally commit more funds to Man. The newly launched capital guaranteed fund will close on 28 November.
There will be no newsletter this weekend as I am going to Vietnam on holiday. Any questions on your account or investments with me please call Martin 03 2084 9999 ext 3533. Will be back on Tuesday
The KLSE is holding at the monthly support having being tested 3 times. Risk is limited at this levels but continue to deal in only the highest quality issues.
Have a good week ahead
Bill
On Wednesday, Sam Gibson, an executive with Man gave a briefing on Man Funds at the PJ Hilton. Many of you including myself and Martin are invested in Man and are worried as many hedge funds are bust or lost most of their assets.
Here are the highlights of his briefing:
1- Man AHL has performed positively this quarter making a small profit. Man AHL is the driver of Man Essential/ Eclipse Funds.
2 - Losses as reflected in your Fame account are because the AUD dropped in value versus the RM. Sam reported that the AUD may recover in the next few months
as world credit problems resolve themselves and banks start to lend again. He also mentioned that Australian Banks are solid and not caught up in the credit crises and this is AUD supportive. Demand for commodities which Australia produces is still strong from China despite the negative press.
3 The Australian government has announced that they will guarantee all bank deposts. This means your capital guarantee for the Man Funds is secure. Your guarantee is secured in AUD government bonds and no exposure to AIG/ Lehmen or any mortgage/subprime bonds.
4 The holding company of Man listed in London FTSE is an asset manager and not a bank which means they do not suffer credit problems that UK banks are suffering.
5 Man AHL deals in commodity markets and exploits trends both up and down. Because commodities are traded on an an official exchange such as the CPOT or CME with a clearing house and in cash there is virtually no risk of default.
6 Man is a fund of funds and not a one man show fund. THis means you are diversified among markets and managers. Most hedge funds that went bust recently are one man show funds.
7 Man fund withdrawals by fearful investors have been very limited in this market turmoil testifing to the confidence of institutional and professional investors in Man.
After listening to the presentation I have decided to personally commit more funds to Man. The newly launched capital guaranteed fund will close on 28 November.
There will be no newsletter this weekend as I am going to Vietnam on holiday. Any questions on your account or investments with me please call Martin 03 2084 9999 ext 3533. Will be back on Tuesday
The KLSE is holding at the monthly support having being tested 3 times. Risk is limited at this levels but continue to deal in only the highest quality issues.
Have a good week ahead
Bill
Tuesday, October 28, 2008
Friday, October 24, 2008
Thursday, October 23, 2008
1:16 pm - FKLI broke higher at 881.0
Gone long earlier this morning but cut losses. Some clients is long too. Profit objective is 896.5. Let's see if it can hit it today !
10:16 am - I am presenting a talk on futures on FKLI/FCPO this coming Saturday 25 Oct 2008
CIMB Events
OCT 25 (Kuala Lumpur) – 8.00am to 1.30pm
CIMB Bursa Market Chat 2008 – To be held at Securities Commission Kuala Lumpur.
My talk is at 11.45 pm . There are other speakers speaking on market outlook of Msia and online trading by CIMB.
Light refreshments will be served. Admission is Fee.
Call CIMB general line at 03 2084 9999 and ask for itrade for registration.
See you there.
Rgds,
-martin-
OCT 25 (Kuala Lumpur) – 8.00am to 1.30pm
CIMB Bursa Market Chat 2008 – To be held at Securities Commission Kuala Lumpur.
My talk is at 11.45 pm . There are other speakers speaking on market outlook of Msia and online trading by CIMB.
Light refreshments will be served. Admission is Fee.
Call CIMB general line at 03 2084 9999 and ask for itrade for registration.
See you there.
Rgds,
-martin-
8:59 am - There were two major support at 875/876
These two support were in Dec 05 and June 06. I think FKLI can stop here for the time being ! But the point is you need a catalyst for the mkt to rebound back in the afternoon.
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