Longneck’s UCC’s (Useful Chit-Chats) Nov 3 ’09

November 3, 2009 By longneck Leave a Comment

Well, my last UCC’s are way back on Oct. 21, as many should know by now, I was sick with dengue.

Coming back today to the markets, I don’t really like what I am seeing. Hopefully, cobwebs are just clouding my sound judgment. The PSEi managed to close unchanged at 2908, but looking closely at the markets, the only contributors are MER (+29pts), PX (+12pts), FPH (+2pts) . Market breadth was really negative! Without the above 3, we would’ve been down 40+pts..

MER managed to gap up to P220, from a previous close of P188. I don’t really know how to play MER at this point. The only stocks right now that are really strong are these handful – PX, CPM, ANI, FPH, WEB, and AP, though almost all are looking overbought already as well.  Read more... (335 words, 8 images, estimated 1:20 mins reading time)

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Daily Market Notes November 3, 2009

November 3, 2009 By dragon Leave a Comment

PSEi       2,908.24         DOWN    0.26
value php                8,810,006,730.00

Last Friday's trade, October 30, 2009
DOW 249.85 -2.57% 9,712.73
NASDAQ 52.44 -2.50% 2,045.11
S&P 500 29.92 -2.81% 1,036.19

Financials also came under pressure on news that CIT Group, a U.S. lender to hundreds of thousands of small and medium-sized businesses, filed for bankruptcy on Sunday, saying goodbye to the $2 billion stimulus loan from the Federal Government.

Monday's trade, November 2, 2009
DOW 76.71 +0.79% 9,789.44
NASDAQ 4.09 +0.20% 2,049.20
S&P 500 6.69 +0.65% 1,042.88

Stocks rallied in the morning after a key manufacturing index spiked to its highest level in three and a-half years in October. An upbeat reading on pending home sales and Ford Motor's big profit report also added to the morning bounce, but gradually eroded away into negative territory.  This later gave way to another volatile late session rally.  Read more... (381 words, 10 images, estimated 1:31 mins reading time)

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