I had a hell of a day in the markets today. I saw my bets on the blues namely MER, ALI, and AC all got crumpled up.
The market corrected hard again today. Eversince it hit paydirt above 3,100, our markets have not responded in a positive way. We are now nearing the psychological 3,000 and we have been down the last 4 trading days.
At first, I thought it was just PX last week which has been causing as a drag in our markets, but today we see weakness even in the big blues. MER/AC/ALI/SM – these four caused mainly the decline today with MER leading the whole pack.
Last week, i talked about fundies wanting to dress and soup up their portfolios, but after recently chatting with one, I believe some are unwinding already … Why ? Because they are UP big this year (he said), so no need actually to window dress the fund/portfolio. Besides, the martial law down south may have actually started doing its damage most recently.
So are we seeing the end of things, me – I personally still don’t think so,but for now I would shy away from the blues, and stick to the ones who might have ‘probable’ interesting stories to tell. Well, this sector would be the 3rd line sector.
I didn’t get my confirmation yesterday, but as it turned out, I was lucky enough to have been able to sell/cut loss on my MER yesterday before the big correction today. I was not able to get out though on my 2 Ayalas.
I decided to hang on to Lolo today, as I feel a good story is still behind this one. It is now up to Lolo to decide his own fate, and yes mine too. haha!
I did buy some AC, but not Ayala Corp, as it turned out my broker had to insert an ‘R’ after AC to get the right code…
So now i am still holding on to (PNB, PAX, AC, ALI, ACR, Lolo group, and MIC).
About longneck
What is Lolo group? If you dont mind
Lolo Felipe Yap’s stocks namely (MA and LC)
Manila Mining and Lepanto