Close: 3,028.73
Change: TODAY -88.11 -(2.83%) WTD -101.26 (-3.24%)
Value: 3,684,458,000
MARKET BREADTH
Net adv/dec issues: -25
Net up/down volume: -114,639,120
Net foreign buying: +66,220,343
TECHNICALS
Major term consolidation, intermediate and short term downtrend
Core Support: 3,000 Resistance: 3,800
Immediate Support: 3,000 Resistance: 3,300
OUTLOOK
Today, the PSEi backflips from yesterday's advance, in synch with the Dow's decline. It gaps down and closes lower on a downtick without seeing positive territory. Using the daily chart, we see that the intermediate trendline from Oct-2007 remains valid notwithstanding a minor interruption to the upside occurring between Dec-2007 and Jan-2008. Today's move down and close at the low suggests that selling may continue on Monday. The double top formation continues to be a cause for concern in the weekly chart. The intermediate and short term trends conspire to drive the index to a retest of the 3,000 support, the next critical level. Except for the intraday time frame, the charts today show no actionable technical signal for the major, intermediate and short term.
Once upon a time in a village, a man appeared and announced to the
villagers that he would buy monkeys for $10 each. The villagers seeing that there were many monkeys around, went out to the forest, and started catching them. The man bought thousands at $10 and as supply started to diminish, the villagers stopped their effort, and returned to farming. The man further announced that he would now buy monkeys at $20. This renewed the efforts of the villagers and they started catching monkeys again, but soon the supply diminished even further, and people started going back to their farms. 
CINDERELLA
Dora The Explorer Live in Manila!
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