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29 April 2016

 

JEC

short position stopped out at 45.1390

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MAPLETREE COMMERCIAL TRUST

reduced 1.50

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MAPLETREE GREATER CHINA COMM TRUST

reduced 1.02

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28 April 2016

 

BA

short position stopped out 137.6690

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MAPLETREE COMMERCIAL TRUST

reduced 1.495

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MAPLETREE GREATER CHINA COMM TRUST

reduced 1.01

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27 April 2016

 

Correction Deferred But Not Indefinitely

by POSB Investment Insight‏

Equities are helped higher by negative interest rates, better economic data from China, and higher crude oil prices
The broad commodities index is boosted by the impact of adverse weather conditions on “softs”
USD/JPY rises as market speculation of BOJ negative rates on loans boosts Japanese equities
But stocks are at technical, channel highs and equities volatility is at lows
However, currency volatility has diverged from equities volatility
The equities correction we expected in April has been deferred, but not indefinitely
More importantly, equities could develop a sideways range after the coming correction


Risk asset markets appear very toppish, in technical terms, at current levels. And that is across a range of markets – from equities to commodities to Asia ex-Japan currencies. Recently, we wrote that the correction in equities we expected in April had been deferred by a few weeks. The correction will come. Beyond that, we could see markets trading sideways. But a new bull market was unlikely. That remains our view.

What has changed over recent weeks is data emerging from China. The figures suggest that in the trade-off between growth and reform, China’s policy makers are leaning once again towards growth. This has driven global equities and commodities higher on hopes that renewed Chinese stimulus would ease global deflationary pressures. Higher crude oil prices – which may have their own dynamics quite separate from Chinese economic conditions – have also helped. US corporate earnings – which have outperformed already beaten down expectations – also contributed to the positive sentiment.

But stock indices around the world are sitting at channel highs and technical conditions are overbought. Equities volatility is sitting at channel lows – suggesting either that all is good again or that markets are complacent. Interestingly, over recent weeks, we have seen higher currency volatility amidst declining equities volatility. This eerie and uncommon divergence could well be a manifestation of equities market stability bought at the expense of rotating monetary stimulus and undertaken, in turn, by the various central banks. This quiet “currency war” is probably not sustainable. Similarly, the revival in China’s credit growth, which followed the People’s Bank of China’s (PBOC) recent monetary stimulus measures, is probably not sustainable in the long run either. We simply note that China’s credit-intensive growth of recent years was followed by a surge in non-performing loans. But we have been – and remain – open to the possibility of risk assets trading in a sideways range over coming months on China’s postponing a slowdown in economic activity to maintain social stability.

Hence, the neutral weightings for emerging markets, Asia ex-Japan, and commodities in our asset allocations.

 

METRO HOLDINGS LTD

reduced 1.02

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CDL HOSPITALITY TRUSTS

reduced 1.46/1.48

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FAR EAST HOSPITALITY TRUST

sold 0.67

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26 April 2016

 

首富李嘉诚的女秘书 道出了37条潜规则

01. 任何事情,只要不是你亲眼所见,就不要到处宣扬。

02. 对不了解的事,直接说“我不知道”就好。

03. 如果别人朝你扔石头,使绊子,不用扔回去,让那些石头成为你成功的基石。

04. 人红是非多,如果你暂时还斗不过“是非”,就先放弃“当红”,以退为进有时候更管用。

05. 忍得了就忍,忍不了就改变,改变不了就接受现实。

06. 遇事不要急,说话慢一点,思路会更加清晰,处理问题也更得心应手。

07. 发射自己的光,也不要吹灭别人的灯。

08. 不要和小人结仇,小人自然会有大把对头,不需要多你一个。

09. 不要盲目骄傲,也不要刻意渺小。

10. 每个人总有不愿意公开的秘密,别人不想告诉你的时候就不要到处打探了。

11. 如果一件事很多人都在做,你不做,并不代表你错了。

12. 求神不如求人,求人不如求己,自己强大比什么都管用。

13. 成熟的果实才可以采摘,充分的思考才能更好的表达。

14. 简单的事不需要计较,复杂的事不必要烦恼,发火时不能够讲话,生气时不要去决策。

15. 向你伸出手的不一定是真心想救你,人还是要学会自救。

16. 宁可像哑巴一样保持沉默,也不要一开口就显得自己是个傻瓜。



17. 沉默是反击无耻的无声风暴,愤怒是抗击外辱的有效“自残”。

18. 别把自己不当人,也别把自己太当人。

19. 真正的领导不在于谁能领导多少君子,而在于谁能驾驭多少小人。

20. 欲胜人者先自胜,欲卑人者先自卑。

21. 许多人在重组自己的偏见时,还以为自己是在思考。

22. 你无法判断别人是好人还是坏人,但你自己可以做一个好人。

23. “没有完人,只有完蛋”,所以一定要有缺点。

24. 忍得一时风亦静,容得万事心自清。

25. 有招请亮招,没招别出手。

26. 人再傻,世界这么大,最傻还轮不到你,别放心上,下次不犯就是了。

27. 诺不轻信,故人不负我;诺不轻许,故我不负人。

28. 一个人如果不识货,只是受骗一时,但是如果认人不清,则会受苦一世。

29. 说真话的最大好处就是你不必记得你都说些什么。

30. 笨人的自知之明在于——不去自作聪明。

31. 心中装满自己的看法与想法的人,永远听不见别人的心声。

32. 了解你的人未必是关心你的人,也许他只是个善于观察的聪明人。

33. 滚水中看不到倒影,同样的道理盛怒中也看不到真相。

34. 人生的经历就像铅笔一样,开始很尖,经历的多了也就变得圆滑了,如果承受不了就会断!

35. 如果你想走到高处,一定要用自己的腿,不要让别人把你抬上去,否则会摔得很惨。

36. 你可以不做君子,但千万不要轻易地去做一个小人。

37. 社交的累人之处在于,人们总是想展示自己并不具备的素质。

 

FAR EAST HOSPITALITY TRUST

reduced 0.665

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25 April 2016

 

CDL HOSPITALITY TRUSTS

reduced 1.46

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FAR EAST HOSPITALITY TRUST

reduced 0.665

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MAPLETREE LOGISTICS TRUST (REIT)

reduced 1.085

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MAPLETREE COMMERCIAL TRUST

reduced 1.495

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Oversea-Chinese Banking Corp (OCBC)

reduced 9.38

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UNITED OVERSEAS BANK LTD

reduced 19.64

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DBS GROUP HLDGS LTD

reduced 15.84

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23 April 2016

 

THC

shorted 32.8000

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ETFC

shorted 25.9300

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22 April 2016

 

ALEX

short position stopped out at 38.1700

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ACIW

shorted at 20.90

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MAPLETREE LOGISTICS TRUST (REIT)

reduced 1.055

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FAR EAST HOSPITALITY TRUST

reduced 0.665

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MAPLETREE COMMERCIAL TRUST

reduced 1.49

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CDL HOSPITALITY TRUSTS STAPLED UNITS

reduced 1.45

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UNITED OVERSEAS BANK LTD

reduced 19.79

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SUNTEC REAL ESTATE INVESTMENT TRUST (REIT)

reduced 1.74

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CDL HOSPITALITY TRUSTS STAPLED UNITS

reduced 1.47

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21 April 2016

 

Shorted ALXN / CBG / HOLX / PKI / SCHW / SNPS

Shorted ALXN 157.7000
Shorted CBG 30.8300
Shorted HOLX 36.8000
Shorted PKI 51.4100
Shorted SCHW 29.1700
Shorted SNPS 49.3100

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FAR EAST HOSPITALITY TRUST

reduced 0.665

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DBS GROUP HLDGS LTD

reduced 15.90

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Oversea-Chinese Banking Corp (OCBC)

reduced 9.39

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UNITED OVERSEAS BANK LTD

reduced 19.85

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STREETTRACKS STRAITS TIMES IDX FUND

reduced 2.96

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CDL HOSPITALITY TRUSTS

reduced 1.41/1.43

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UOL GROUP LIMITED

reduced 6.27

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NIKKO AM SINGAPORE STI ETF

reduced 3.00/3.03

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MAPLETREE INDUSTRIAL TRUST (REIT)

reduced 1.635

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MAPLETREE COMMERCIAL TRUST

reduced 1.49

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SUNTEC REAL ESTATE INVESTMENT TRUST (REIT)

reduced 1.725

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20 April 2016

 

Shorted AIG / AME / JCI / LLY / QGEN / SEIC / WMS / ZION

Shorted AIG 55.8510

Shorted AME 51.0520

Shorted JCI 39.6310

Shorted LLY 78.3910

Shorted QGEN 23.5610

Shorted SEIC 46.4050

Shorted WMS 24.1300

Shorted ZION 26.1100

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CDL HOSPITALITY TRUSTS STAPLED UNITS

reduced 1.41

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STREETTRACKS STRAITS TIMES IDX FUND

reduced 2.96

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UNITED OVERSEAS BANK LTD

reduced 19.90

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Oversea-Chinese Banking Corp (OCBC)

reduced 9.37

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MAPLETREE INDUSTRIAL TRUST

reduced 1.64

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MAPLETREE COMMERCIAL TRUST

reduced 1.49

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DBS GROUP HLDGS LTD

reduced 15.85

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NIKKO AM SINGAPORE STI ETF

reduced 3.01

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IREIT GLOBAL (REIT UNITS)

sold 0.705

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FAR EAST HOSPITALITY TRUST

reduced 0.66

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19 April 2016

 

FAR EAST HOSPITALITY TRUST

reduced 0.66

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NIKKO AM SINGAPORE STI ETF

reduced 2.99

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DBS GROUP HLDGS LTD

reduced 15.80

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SEMBCORP MARINE

sold 1.755

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Oversea-Chinese Banking Corp (OCBC)

reduced 9.30

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STREETTRACKS STRAITS TIMES IDX FUND

reduced 2.94

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UNITED OVERSEAS BANK LTD

reduced 19.67

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IREIT GLOBAL (REIT UNITS)

reduced 0.70

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UOL GROUP LIMITED

reduced 6.13

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CDL HOSPITALITY TRUSTS STAPLED UNITS

reduced 1.41

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MAPLETREE INDUSTRIAL TRUST (REIT)

reduced 1.63

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18 April 2016

 

FAR EAST HOSPITALITY TRUST

reduced 0.66

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CDL HOSPITALITY TRUSTS

reduced 1.41

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Oversea-Chinese Banking Corp (OCBC)

reduced 9.28

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15 April 2016

 

SEMBCORP MARINE

reduced 1.815

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UNITED OVERSEAS BANK LTD

reduced 19.75

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MAPLETREE INDUSTRIAL TRUST

reduced 1.63

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CDL HOSPITALITY TRUSTS

reduced 1.41

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FAR EAST HOSPITALITY TRUST

reduced 0.66

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ASCENDAS REAL ESTATE INV TRUST (REIT)

sold 2.49/2.52

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PRU

short position stopped out at 76.0500

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14 April 2016

 

SH / DOG / MYY / RWM

added SH 20.2500
added DOG 21.7400
added MYY 15.3900
added RWM 61.6700

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12 April 2016

 

JEC

shorted at 41.4600

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ETN

shorted at 60.1600

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AES

shorted at 11.0100

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08 April 2016

 

LXK

short position stopped out at 33.9240

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06 April 2016

 

BA

shorted at 127.9600

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01 April 2016

 

LPX

short position stopped out at 17.0289

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