The market seemed to have come to a standstill and is in a 'neither here nor there' stance. The market seemed like it doesn't want to run up but at the same time it doesn't smell bearish either.
I am taking a view that the market is poised for a correction but trading sideways for now waiting for news. This is consistent with my earlier view.
I am not taking any short term positions until the signs are clearer. The beauty of a small time player like me is that i decide when to play the market. Unlike a unit trust manager who has to long the market all the time, the small trader has the luxury to choose the timing as he or she can enter or exit the market pretty quickly.
Imagine the difference between managing a $100m portfolio versus a $1m portfolio. The one with the larger portfolio will not be as nimble and will probably has to take a long term view and position whereas the one with the smaller portfolio will be able to react quicker and faster.
No position is a position
For a discretionary trader like myself who trades only when my work schedule permits, deciding when to trade is a right which i enjoy. I decide when to play the market at my terms, hence if i am unsure, i will just stay out of the market and watch from the sidelines. I don't have to trade everyday since i have a full time job. Unlike someone who is a full time trader, he or she may not enjoy such luxury but the good thing is he can watch the market all day long. haha. Anyway, always remember that no position is a position. :)
In this instance, i will stay on the sidelines as my view of STI remained the same. It will trade sideways with downward bias.