A Torrid Time, And Something New To Stomach

Yesterday's market in Malaysian stocks was something to behold. Can you feel it, I certainly can, it feels like panic selling, it feels like sell first ask questions later, it feels like "I give up" kinda selling. Call it what you like, we needed to see that, as brutal as that may sound. I see that as a peak selling. You may ask if the selling can still continue after a so called "peak selling".

Well, looking at the underlying causes, this wave of peak selling seems pretty solid. Despite how it may look, there were sufficient nibblers on the way down to assure me that there are many who are willing to buy on grave dips like yesterday. Its peak selling and it gets nonsensical, just consider IJM's decent results and whack... it goes down as if the entire layer of top management were killed in a nasty accident.
To me, the selling is predicated on a sustained lack of thrust to the upside, and investors seem to have lost hope on recovering their losses, hence the rush to exit. But seriously folks, all we are talking about is a temporary jump in oil prices. Look at the logic, a few days ago when the market was down, it was due to inflationary fears, that the emerging markets may have been too head strong. Now with sharply higher oil prices, shouldn't that cool economic activity down somewhat??? The recovery in global markets is not stable still, so higher oil prices would bring things back a bit. Even if oil stays at $100-105 for the rest of the year, the S&P would just shave $2 off their total earnings which would still put 1300 as fair to slightly undrevalued. Hence I took the peak selling yesterday with a bit of glee, even though I have also suffered losses over the past few weeks, I think I lost 25% of what I made over the last 6 months, but I am optimistic of a quick turnaround. We needed that peak selling.

So what did I do, went to have dinner at one of my favourite Japanese places, as I have made reservations 2 days back for the chef to prepare something which was not on their menu. I had this last week and it was sublime. I was thinking "eewww" at first but when you eat it, its heavenly, even better than the best fish sashimi, save for the best quality toro or hamachi.
I shan't reveal the restaurant's name as it may put the chef at harm's way if people keep pestering him to put this on the menu. Its chicken sashimi. Unbelievably good, I tell you. Next time you ask your Japanese chef if he/she can do it. Rest assured, the dish was done with care and proper procedures. Don't try this at home, it will kill you.

Posted in: chicken sashimi