Paypal Withdrawal for Philippine Bank Accounts

Another piece of good news for Filipinos who love transacting online.  Paypal, due to strong demand from Philippine users, has finally allowed Filipinos not only to receive money through their Paypal accounts, but also to withdraw these funds through local bank accounts.

There is now an option after one logs in, to transfer funds to a bank account in the Philippines. Transactions above P7,000 will have no fees but any amount below that will have a P50 fee.

Transactions will be processed within 5-7 business days. 

 

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PSEi, 1/25/08

Market data

  • Close: 3237.41
  • Change: +2.9%(Daily) +2.2%(Weekly)
  • Value turnover: 4,050,908,000

Market breadth

  • Net advance decline: +49
  • Net up volume down volume: +1,289,551,870
  • NFB: -183,643,784

Technicals

  • Undefined major trend, intermediate downtrend(accelerating), near term uptrend.
  • Prior reaction low of 2900 could act as potential future support. Potential levels of resistance are 3240(the higher end of the unfilled gap which coincides with a 50% retracement of the last move lower), and 3350(trendline resistance).
  • The PSEi ended the week with a reversal bar on the weekly chart indicating a possibility that the rally can spill over to the next week.

Remarks

  • I am viewing this ongoing price advance as a bear market rally. Daily net foreign selling continues.

DJIA, 1/25/08

Market stats

  • Close: 12207.17
  • Change: +1.38%(Daily) +0.89%(Weekly)
  • Volume turnover: 987M(Daily) 4557M(Weekly)

Technicals

  • Undefined major trend, intermediate downtrend (accelerating), near term uptrend (slowing).
  • Prior reaction low of 11634 could potentially act as future support. Potential levels of resistance are 12700(previously broken support and 50% retracement of the Dec2007 decline), and 13100(trendline resistance),
  • The weekly chart ended with a reversal bar indicating the possibility of a bounce and a short term rally.

Market Breadth (NYSE)

  • Net advance decline: -480
  • Net new highs new lows: -63
  • Net up volume down volume: -2,249,228,149

Remarks

  • Current price advances should be intially viewed as minor corrections within an intermediate downtrend.

Moody’s raises Philippines Outlook on Ratings

Be in a silent church with silent people and have someone remark "oh you're so pretty and sexy right now," and you will have people turning heads to the person being referred to.

Be in a noisy market palengke and say the same thing to the same person and the only on ethat will take the compliment is you.

Hong Kong, January 25, 2008 — Moody's Investors Service has changed to positive from stable the outlook on the Philippines' key ratings and ceilings. The rating action is prompted by progress in stabilizing public sector finances and an easing in the government's dependence on external financing.

The affected ratings include the B1 long-term government foreign- and local-currency ratings, the B1 foreign-currency bank deposit ceiling and Ba3 foreign currency country ceiling.

Some Sentiments on Sentiments

This market right now is moving on nothing more than emotions. Guess what? It almost always moves on emotions.
- David Bach

The term "investor sentiment" is widely used in financial press. If we zoom in on the word sentiment, the easiest defintion is:

"A thought, view, or attitude, especially one based mainly on emotion instead of reason."

By now, FMers are familiar with the chart showing the cycle of investor emotions. Here's a larger version from a related website (link below):

 

The words are very descriptive, and capture the general flavor of financial press and trader sentiments at certain times. However, markets are wilder and not as smooth as the graph suggests.

Hollywood actor Heath Ledger found dead

The 28 year old Oscar nominee was found dead at a downtown Manhattan apartment at 3:45 p.m., according the NYPD.  Police say an investigation is ongoing.  Ledger, who had an appointment for a massage, was discovered by the housekeeper at the foot of his bed, naked and unresponsive, according to the NYPD.  A bottle of sleeping pills prescribed to him was also found. A police rep wouldn't say whether the cause of death was suicide, but he added that he wouldn't call the site of Ledger's death a crime scene. 
 
Heath Ledger played the role of Joker in the new Batman film, "The Dark Knight", set to be released this year. 
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Youtube: Reynaldo Lapuz on American Idol

American Idol Season 7's version of William Hung? He's none other than our very own… yes, he is a Filipino… Reynaldo Lapuz!!!

American Idol – Renaldo Lapuz (Filipino)(BestQualityVideo)

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PSEi, 1/18/08

  • Change: (Daily) down 80pts/-2.5%, (Weekly) down 335pts/-9.6%
  • Value: 4,956,826,325 (excl special block sale of BDO)
  • NFB: -966,546,598
  • Net Adv/Dec: -143
  • Trends: Major trend undefined, intermediate downtrend, near term downtrend
  • Momentum: Accelerating
  • Support and resistance: 3171(Aug2007)/3514(Jan2008)

The PSEi ended the day without covering the opening gap indicating a healthy supply of sellers until the close. The accelerating downtrend is proving to be unnerving and painful to those who are still holding long positions. The extended decline opens our mind to a possible bounce but that doesn't mean we should be buying now because we don't know (a) when the bounce will occur and (b) how much deeper the price will decline before the bounce actually happens. If a correction does happen and we initiate long positions, keep in mind that they should be short term trades since the correction will likely be shortlived and the underlying downtrend remains formidable.