LN’s UCC’s (Useful Chit-Chats) June 9 ’10

The DOW bounced last night by 100-pts, and for those PSE-decouple advocates, a DOW up should coincide with a PSE drop.. (Joke).. Anyways, from the way I see it, the proclamation of NOY-BI today became a non-event..

Previously, a lot of people are thinking that we will have a strong punch to the upside, when the proclamation happens.. not so much so the case. It is not a ‘SELL on the good news” thingy either.. It was just plain market anxiety of what DOW could bring.. As the DOW being up last night could effectively and conversely translate to a DOWN 3-digit DOW tonight.

A lot of emotions are still ruling the markets here and abroad. I have lost touch on what to expect on the DOW, though I have made my piece already to be a BEAR, until the situation of lower highs reverses itself …

Locally, we were down almost 20 pts on the PSEi. Directionless, and without a leader to lead the market to higher heights, we got gunned down by profit taking on the recent high flyers.

DGTL for one, gap opened to P1.72 reached a high of P1.76 and stalled … SO is this the end of the uptrend for DGTL…(??) I most certainly don’t believe so. I already warned yesterday that DGTL is short term overbought and still is. BUT if you are a believer of trend, then the trend is still very much UP. It opened strong today and closed weak and at its lows of P1.66 … I expect the reverse to happen tomorrow which is open weak and close strong for the day.. I expect DGTL to touch P1.60~P1.62 tomorrow, and for those who sold , I believe this area is a good level to buy this stock back. The stock had but a natural course of short term correction in my opinion.. Besides, people started to take profits ahead of its resistances at P1.80~P1.82 …

At long last, the third line sector showed some life today.. The 3rd liners have been at their PRIM and proper selves before the ceiling showing of PRIM (Prime Media).. I don’t know what to make of the movement of this stock.. All I know is personally, I would be take quickie profits on this one, if any…  The GEO and NI tandem also showed some action today, but generally still unconvincing as of the moment…

Our market has been lacking leadership, and hopefully we can find ONE by tomorrow, just as our nation’s leaders for the next 6 years have been chosen already and proclaimed rightfully just today…. Hopefully, we can all band together and move forward for a better and brighter future for the next NoyPi generation…

MABUHAY ANG PILIPINO !!!

Comments

  1. j.a. romualdez says:

    Noy coming in as new president doesn’t exude enough\
    confidence in the local market to ignore whats happening
    with the DOW at nyse. Fact is, noynoy seems to be adding
    to the overall uncertainty and anxiety….

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