whatsyourtradingangle

02/05/2026

Thank you for having me, Andrea Heng, and to PhillipCapital for arranging this insightful interview with CNA earlier this month.

With US equities once again at all-time highs, the key question remains - did you buy the dip?

In this interview, I share my thoughts on how I approach market drawdowns, and the key considerations I look at when deploying capital during periods of volatility.

Watch the full CNA interview here:

20 likes, 4 comments. "Buying the dip during uncertain times | Money Talks"

25/04/2026

⚠️ Important Notice ⚠️

It has come to my attention that there is an impersonation account on Instagram posing as me and reaching out to followers to join a WhatsApp group.

Please note:

- I will never ask clients to join investment groups via unsolicited messages

- I do not provide advice or recommendations through unofficial chat groups

- All official communication will come through my verified channels

If you receive any such messages, please ignore, block, and report the account.

They say imitation is the sincerest form of flattery - but in this case, it’s also misleading and potentially harmful.

If in doubt, feel free to reach out to me directly to verify.

Stay safe and thank you for your continued trust.

23/04/2026

I’m hiring - join my team!

Trading Assistant (Full-time)

You will work closely with a Principal Trading Representative and support the ex*****on and settlement of client equity trades across global markets.

The role involves equities ex*****on, handling clients’ settlement and margin matters, account opening, and managing day-to-day client queries. You may also be required to be stationed at an Investor Centre to attend to walk-in clients.

We’re looking for someone meticulous, responsive, and comfortable engaging HNW clients in a fast-paced environment.

For full details and to apply, please visit LinkedIn:
https://www.linkedin.com/jobs/view/4402780855/

Thank you.

Thomas Ng, CMT
Principal Trading Representative
首席股票经纪
www.thom-ng.com

04/04/2026

Delighted to be invited by Phillip Capital Management (PCM) in late February to attend their Market Outlook Symposium & Appreciation Luncheon 2026, along with the special “Nature in Focus” experience at the Singapore Oceanarium.

Beginning the morning immersed in marine life before transitioning into markets and macro discussions at the Resorts World Sentosa Convention Centre was both refreshing and symbolic. In many ways, it reflects PCM’s philosophy - understanding the broader ecosystem, whether in nature or in capital markets.

Established in 1995, PCM has grown into a respected independent fund manager and continues to stay ahead of the curve - from launching tokenised USD Phillip Money Market Funds to expanding its innovative ETF offerings.

The firm is also a strong advocate of sustainable investing, integrating ESG considerations through its disciplined “Review, Reinforce, Reward” framework. By incorporating environmental and social factors into its investment decisions, PCM reinforces the belief that long-term returns and responsible stewardship go hand in hand.

Thank you once again to the PCM team for the warm hospitality and for curating such a meaningful and insightful event. I look forward to continued collaboration and shared conversations on navigating markets with both conviction and responsibility.

26/03/2026

On Thursday, 19 Mar 2026, 11:01pm, I emailed clients my latest market update titled 'The US Literally Just Added Oil to the Fire', offering key insights on the S&P 500 and more.

To read it, pls click here: https://tinyurl.com/addoiltofire

In this memo, I highlighted that a sharp oil price shock effectively acts as a 'tax' on global growth. If oil prices remain elevated for too long, the market may begin pricing in a global recession scenario.

More importantly, from a technical perspective, I outlined the key support level to watch for the S&P500 near-term is at 6,546 - 6,490. This would likely coincide with RSI approaching oversold levels, where a technical stabilisation may emerge.

True to memo, as of last night (23 Mar), the stabilisation zone has held well, RSI hits oversold and the market bounced back.

1. For Clients invested in our flagship Phillip Global Growth Leaders Portfolio
My decision to reduce US equity exposure since September and reallocate into defensive instruments such as Phillip USD Money Market Funds (~3.2% pa) has helped preserve capital while maintaining yield in a volatile, range-bound market.

The broader message remains unchanged:
We have likely shifted from a 'buy the dip' environment to a more tactical 'manage risk and sell strength' phase.

2. For Clients invested in our flagship curated Bond Portfolio
The situation remains more nuanced for bonds. We should allow the opposing forces of inflation and growth slowdown to play out over time.

If recession risks materialise, equities could correct 20 - 30%, while bonds may benefit from rate cuts and declining yields - providing a natural portfolio balancing effect.

The key question now is:
Where will the S&P 500 head over the next few months, should the current stabilization zone continue to hold?

I will address this in my upcoming update. As usual, Clients will receive my outlook first before it is released publicly.

As always, please do your own due diligence and assess how these views align with your portfolio positioning.

Best regards,
Thomas Ng, CMT
Principal Trading Representative

On Monday, March 19 at 11.01pm, I emailed Clients my latest market update titled "The US Literally Just Added Oil to the Fire", offering key insights on the S&P 500 (aka SPX) - the world's most important index - and more.Below is the full transcript for your perusal:'Dear Clients,Apologies for the s...

23/02/2026

On Monday, 24th Nov 2025 at 7.57pm, I emailed Clients my market update titled “Is this the beginning or the end?”, offering key insights on the S&P500 Index - and more.

To read it, pls click here: https://tinyurl.com/beginningorend

In that memo, I highlighted that the S&P500 Index was at a critical inflection point and laid out two clear scenarios:

- A sustained breakdown below ~6550 could trigger a healthy 5–10% correction toward the 6200-6124 support zone.
- Alternatively, if price action decisively reclaimed the upper Bollinger Bands (~6750), the bullish case toward 7,000 would re-emerge.

The latter scenario played out, and the 7,000 target was achieved on 28 Jan 2026, albeit briefly.

However, at the time, I also flagged several non-confirming risks:

- Mounting liquidity stress, reflected by the breakdown in the Crypto complex
- The widening gap between the AI economy and Main Street
- Extreme concentration in mega-cap tech/AI stocks driving US indices performance
- Questions surrounding the sustainability of the AI capex cycle, including Michael Burry’s depreciation model concerns on hyperscalers

The broader issue remains unresolved - how much of this massive AI capex will translate into broad-based economic benefits? Productivity gains are possible, but if job displacement accelerates and wage growth lags, the key question becomes - where will sustainable consumption come from?

This is critical because consumer spending (consumption) drives roughly 60-70% of US GDP. Without broad-based income growth, productivity gains alone may not sustain long-term expansion.

As an advisor managing clients’ capital, I have a fiduciary duty to remain cautious when fundamentals are not confirming, even if price action resolves higher in the short term. Risk management must always come first.

With the 7,000 target achieved and rejected shortly thereafter, the key question now is: what’s next?

I’ll address this in my new, upcoming memo. Stay tuned.

As always, please do your own due diligence and evaluate whether these technical and macro insights align with your strategies.

Best regards,
Thomas Ng, CMT
Principal Trading Representative

16/02/2026

Definitely got more than what I expected from Chengdu!

Seeing the 1,300 years old Leshan Giant Buddha in person was truly humbling, my photos probably don’t do it justice.

Cosplaying as a 錦衣衛 (Imperial bodyguard) at 蜀宴赋 was an unexpected highlight. Got to admit I had an absolute blast with my fellow cosplayer teammates!

Chengdu was the ancient capital of Shu Han, one of the Three Kingdoms, so it would’ve been a real shame to leave without visiting Wuhou Shrine - the only shrine in China that honors both an Emperor and his Prime Minister, Liu Bei (刘备) and Zhuge Liang (孔明). Walking through the grounds truly brings Three Kingdoms history to life.

Most memorable though, was the camaraderie - great conversations, shared meals, and the chance to connect with colleagues and management beyond work.

Huge thanks to PhillipCapital for this sponsored convention trip as a Rainmaker.

Truly grateful for the experience, and on the eve of the Lunar New Year, wishing everyone a happy and prosperous Year of the Horse! 🧧

See you next year!

Thomas Ng, CMT
Principal Trading Representative
首席股票经纪
www.thom-ng.com

#蜀宴赋

21/01/2026

Honoured to be recognised at PhillipCapital’s Flying Start Awards 2025, celebrating the achievements of our top investment advisors/brokers.

This milestone reflects the trust of my clients and the strong support of colleagues who consistently strive for excellence.

I am grateful to be part of a firm that values long-term partnership and is committed to helping clients navigate the Capital Markets with discipline and clarity.

In appreciation of our efforts, PhillipCapital has generously arranged an incentive trip to Chengdu, China. Looking forward to recharging, strengthening connections - and visiting the Leshan Giant Buddha, alongside enjoying authentic Sichuan cuisine!

Thank you to everyone who has been part of this journey.

Thomas Ng, CMT
Principal Trading Representative | 首席股票经纪
www.thom-ng.com

16/11/2025

Had a great time at the Singapore FinTech Festival this week - thanks to Phillip Wealth Advisory for the invite at the PhillipCapital booth.

This is largely a B2B-focused event, so it was energizing speaking with visitors keen to understand more about Phillip’s stockbroking, wealth advisory and B2C platforms. Also bumped into familiar faces - always good catching up with Su Hau, Alexander Ng, CEO Ding Ding Securities and Ethan Ho, Marketing Director Tiger Brokers.

I also had an insightful conversation with Huankiat Seh, PhillipCapital’s Fintech Director, on where tokenization is headed - especially timely with the recent launch of our tokenized USD Money Market Fund (tMMF-USD). It mirrors the underlying Phillip USD Money Market Fund and publishes NAVs on-chain in real time - a strong example of tokenization moving from concept to actual market infrastructure.

We also touched on something close to my heart - whisky! PhillipCapital previously tokenized rare whiskies and En Primeur with Alta Exchange, structured as asset-backed securities (ABS) - one of the region’s earliest real-world asset tokenization initiatives.

As a whisky enthusiast myself, I had to ask if this segment might return. Encouragingly, Huan Kiat shared they’re exploring ways to revitalize the whisky ABS offering next year. Given the strong traction previously - including tokens linked to rare casks like Talisker 1989 and Mortlach 1993, this revival could be an exciting one for collectors and investors alike.

Proud to see PhillipCapital driving practical, regulated tokenization - from money markets to rare whisky and excited for what’s ahead!

See you next year at FinTech Festival 2026!

24/09/2025

On Sunday, August 17 at 8:12pm, I emailed Clients my latest market memo titled “Mr Market Trumpets a False Calm”, offering key insights on the S&P 500 (aka SPX) - the world’s most important index, and more.

In this memo, I highlighted that the SPX is tracing out a rare but bearish "Broadening Formation" pattern - a classic sign of instability where markets appear calm on the surface, but risks are quietly expanding underneath.

Interestingly, the last time this long term pattern surfaces, Trump was also in power and the SPX shortly experienced a 35% drawdown.

I also argued that several warning signs are flashing - from stock market seasonality and stretched valuations, to economic fragilities and regulatory/policy uncertainties.

More importantly, this is not a call for panic, but for prudence. The next few months may likely test investor discipline, and maintaining a defensive stance now can help preserve both capital and peace of mind.

To be clear, this remains a bull market, so short-term trading opportunities exist - just don’t hold positions with the intention of staying long-term when the warning lights are flashing.

To get the low-down on the full writeup, pls click here: https://tinyurl.com/falsecalm

As always, please do your own due diligence and evaluate whether these technical and macro insights align with your strategies.

Best regards,
Thomas Ng, CMT
Principal Trading Representative