Last I wrote, we were still trading on the old system… Now with PAM in our hands, and the new system up and running, I must say the 15-year old habit of being accustomed to the old fluctuations daunted upon me.. And I really had a hard time grappling with the new system..
As they say, OLD HABITS DIE HARD …
Though I am NOT and NEVER been in front of a computer monitor while trading, I had a hard time listening to my live broker’s quotes as it is.. Also had a hard time coming to grasp with thin postings, as fluctuations oh so close, tend to spread out the volumes in postings…
I think in time , we will all get to know and love PAM..
Going back to the market, I haven’t been looking at how our index performed, as I still don’t trust the quotations being uploaded both to COL and PSEi… I am wondering why they are at times different.
Heard from the grapevine that the REIT law will be delayed in its implementation, as implementing rules will be ‘tweaked and refined’. This caused some profit taking on the property issues involved, namely ALI, SMPH, and RLC. ALI for one did test that P15.50 last week, but failed in its attempt yet again, but is now approaching initial supports near P14.00… With the ‘bad news’, we may have to wait for ALI to go below P14.00 before heading back in, probably around P13.50-ish…
MEG is not really seen to be affected by the REIT-delay, but also pulled back after being strong the last couple of days. But for me, MEG is just resting and could be bought hopefully as near as P1.54 as possible.
Funds today though looked to have shifted to the top traded stock for the day – FLI… as it broke out of its triangle consolidation.. Huge huge volume may indicate that this is NOT a FLI-trap.. actually there are some resistances at the P1.08 levels.. thereafter I think this can go to as high as P1.22~P1.24 (tops)…
The SCC/DMC duo was hit by profit taking right after the new system implementation… We were short 7 dalmatians, as high was P113… Rumors are that one of the plants of SCC will be hit with some delays… Support is of course P101.. but of this goes below P101, then so much the better to buy this back.
AP which is almost the same price as DMC before, headed separate ways with DMC and sped past P20.00… maybe some earnings surprise again here?
Previous high flying banks PNB and RCB were also hit by the profit taking bug… Both had nice runs, and may consolidate for the moment.
Plays have been circling around and going around… For example, from ALI/MEG to FLI/SLI (suddenly came to life today).. or DMC/SCC to AP/AEV .. or PNB/RCB to MBT/BDO… This shifting back and forth is causing my head to spin, add to this my sudden love affair with PAM… hmmmm… I need solme Tylenol or some DIGItylenol…
Good luck to all!
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