Wow ! What a day !! Talk about MINING the PSEi….
Mining is definitely IT today !!! Our mining index is UP a whopping 1000+ points, mainly due to PX. Oh boy, did I underestimate the PX power or what. I was clearly wrong, and also wrong on my assessment of MPI.
PX headed way north on its way to North Pole where Santa is waiting, while MPI did break P3.00 alright , and continues its trek south. The strength of PX probably rubbed off to other mining counters as well such as AT which is already closing in at P10.00. NIhao also approaching all-time highs at these levels. UPM did a ceiling with nice volume. CPM also now nearing P5.00
Some other gainers are SGI, SPH, ACR, and ISM.
PAX tried to break P3.20, but looks to have failed and may just consolidate again. ANI which bounced from an oversold condition also looks to have failed in its attempt northward, so back to consolidation mode also for ANI.
It is to each own’s jockeying at this point. Market index wise looks to be quite vulnerable to the downside. Just stick your neck to the stocks with jockeys , and we should be fine, but of course as always when trading jockeyed-stocks, DO trade with caution…
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