Financials Rallies... or just short cover?

It seems that all the winners lost their momentum yesterday while losers gained back (Long Yen, commodities, Agriculture and short USD and financials). I would say it is more because of short covering than market really turning. This can go on for more than one day though, if you look at the Yen/USD level and the drop in CDS rate. Hlowever, it is too hard to say when will the rally be over.

Chow Sang Sang (116 HK)up again today but it seems overbought in ST. You may want to take profit if you are short term trader. However, I am still bullish on the stock for the whole year period.

China Agri (606 HK) should benefit on the lower international CPO (Crude Palm Oil) price. I think 4 ~ 4.4 HKD can be a good entry point. However I am not sure how long you need to wait.....

On 1138 HK, it had perform really well this year, best performer in HSCEI. The reason is that it is dry bulk, and mainly transport oil and coal. Baltic Dry Index has recovered also. I would not chase it now, but prefer 2343. I say wait now.... even for 2343.

On a side note, seems that HSBC (5 HK) and PCCW (8 HK) are very defensive in this year's market. If youy want to park your money, you may add that together with CLP.