DMN July 23

PSEi                 3,416.10         UP      1.20
value php             4,410,843,230.00

Dow    10,322.30    +201.77    (1.99%)
S&P 500    1,093.67    +24.08    (2.25%)
Nasdaq    2,245.89    +58.56    (2.68%)

Bernanke taketh away, Bernanke Giveth. Following his “unsure economic prospect” which sent markets off a cliff the other day, Fed Chair Ben Bernanke now mentions  in a second day of congressional testimony that he is prepared to take further action to support the economy if the outlook deteriorates.  This plus better than expected housing data rebounds Wall Street in a violent bullish way.

The PSEi was not so lucky.  up about 45 points but all this was lost by the close on uncertainty of Monday’s new trading system launch.

Today’s Overall Top gainer, and most active medal award goes to PNB, gaining 5 pesos to 43.50 on 136m nfb.  Seeing the strength of breakout of 38 level plus heavyweight buying of brokers Warburg 2.5m shares, Wealth 1.8m, Macquarie 1.5m, I chose to dive back in again as next resistance was a far away 48.  The bullish bias in me chose to ignore the paltry puny NET selling of CLSA 700k Shares, Abacus 800K shares.  To make up for the gap of my missed denomination from selling 37-38, I bought double or even triple my position (was afraid to look), on momentum strength, forcing my hand to sell some VLL and JGS which had nothing bad going for them except that I needed more money! MORE MONEY!

I will try to justify that 17.25 resistance held, but possibility of parabolic spike still holds true for JGS as of the moment.  DGTL chart has been “trying to look good” for almost a month now, but heavy selling always appears at the 1.50 level.

SCC’s 101 dalmatians had a sequel threequel, and closed 112, away into uncharted territory.  I currently have no SCC that is why I can say I will be waiting for this 90 to 100.  Having this at 90 in fact still validates the 7 month uptrendline.

ORE activity was interesting.  Angping today quite kind of bought up TOWER’s dumped shares yesterday, with Tower seeming to “daytrade” this stock.  Part of that volume was yours truly again, taking advantage of ORE’s volatility, plus some other different sellers.

Another stock I had to let go of was some VLL, 39m nfb. not bad, but this was on the top of my “let go” list as a) price was near my purchase price and i needed MORE CASH b) reason for buying was change fluctuation probability of 2.5 to 2.55 but that reason was gone the moment it lost momentum to the 2.30s level, coupled with the fact that fluctuation count will already be different come Monday’s new introduction of trading system.

Top index gainer was TEL’s 5 peso gain to 2430, worth 5 psei points.  Other best overall gainers were RCB 23, ORE 2.90, MEGW2 .70, SCC 112, SECB 70, like i said, this particular wave of rising tide will raise most ships.

Losers were MRC .67, ANI 17.25 (after day high of 18.75), OM 009, IMI 11.75, APX 3.55 (the newspaperman yesterday mistook MT as million tons… so 700 MT per day (actual disclosure) is not 700 million tons per day(media’s error disclosure) — as per forumer jubre), amc 13,

Crude oil threatens the $80 level, and local pump prices have begun their too quick increase already!

TOTAL FOREIGN BUYING   : P  1,336,995,140.00
TOTAL FOREIGN SELLING  : P  1,722,495,317.34

NO. OF ADVANCES:              55
NO. OF DECLINES:              45
NO. OF UNCHANGED:             75
NO. OF TRADED ISSUES:        175
NO. OF TRADES:            10,775

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