Oceanus exit long term downtrend line. Hongx showing strength going forward

Today probably is the most exciting day for China Hongx and it raise up 15c to 18.5c. Giving me a 16% profit within less than a week. My target price will be 22c which will give me close to 40% profit. By then I will have a dilemma whether to take partial profit.

Oceanus might have a big move upwards in the next few weeks. It is definitely worth taking a look as it has formed a descending wedges since the start of 2010. Indicators are hinting ovebought, which is a conflicting signal. I believe that there are some upside given that CNY is near and 44c TP sure provides some tempting risk reward trade to hold for the next few months.

As of now, my portfolio is now turning greener due to the sudden mad rush for Hongx. Probably will divest some and look at other counters that provides better opportunity. I’m already positioning myself in Yanlord which I do think provides value with its downward consolidation since Aug 2009! What about Ying Li? Hmmm.

Am I being contrarian? Since Jim Roger always say buy low sell high right. With his legendary 3300% ROI, it is hard to argue against him.

ps: The Edge will provide me with some entertainment after going AWOL for 2 weeks.