Today market was down 20pts , now largely attributed to MER’s correction. MER’s descent costed 9 PSEi lost pts. To be honest, I didn’t see this one coming, and may have called the eventual break-out wrongly for the moment. Consolidation below its P232 recent high could be in the works.
PX led the way for mining issues, and previously oversold NIhao which I pegged support at P5.80 the other day bounced like an angry cat. This ‘bounce’ hopefully could take us to P8.00 for recent NIpits to decide whether to call it quits or call it knits.
CPM was also higher to P5.80 … I-Remit also a gainer today, and could now re-test that previous P7.00 high …
ISM got dragged by profit-taking, but still looks good, though consolidation could also be in the works, as 0.0675 seems to be a tougher but to crack than most thought.
All in all, a boring Monday for the most of us on a US shortened trading week.. (Black Friday)
It’s still hard to call this market as jockeys seem to move from one stock to another. In this kind of situation, it is advisable to BUY (esp jockeyed stocks) when they are at their lows, and not to chase when they are near their highs. ANI and NI for example were two oversold counters the other day, and both would have given us handsome returns, had we bought near their lows and supports.
Banking stocks to me are just resting before trending higher again. Hopefully, by tomorrow, we will see an up PSEi , as we have already been down the last two days.
CHEERS ALL !
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