DMN July 29

PSEI 3,429.35 down 22
value        3,363,332,167.00

Dow Jones    10,497.88    -39.81    (-0.38%)
S&P 500    1,106.13    -7.71    (-0.69%)
Nasdaq    2,264.56    -23.69    (-1.04%)

Wall Street slips a little despite better than expected housing data, a sign that the rally is tired and rest is needed before the next runup.

More on my observation that financial sites (maybe even ours) are sometimes forced to give a reason for the move, take this yahoo article which states:

“In early trading on last Friday, the euro tumbled over 1.5%, a huge move for currencies. Therefore, CNBC reported that ‘Euro tumbles amid disappointment in EU stress test.’

Later on, the euro recovered and you could read the following headline on Bloomberg: ‘Euro gains on bank tests.’ What a magic currency those Europeans possess, it has the ability to confuse our domestic media outlets.”

Local online trading is still in confused mode.  Citisec does not yet display PSE market breakdown of index movers and their corresponding gains/loss points for the index, Accord’s philstocks’ ticker is slightly delayed (but still better than PAM NTS’ for me) plus it hangs intermittently, Wealth’s Technistock based platform shows the market is up 322, though showing the right graph, and quotes have garbage numbers shown on top of them.

The PSEi was really up about 4 measly points at the open before deciding to mirror the global slight correction.

My PNB has now been renamed to Prisoner Ng Bilibid, as this is now below my latest cost.  It is one of the top losers with volume with its continued fall to 38.50, thanks to Deutsche’s continued selling presence, and CLSA’s buying absence.

This is my own personal problem when buying these big caps.  I delude myself that these are “safe to hold on” and okay when going down.  Had these been those “dangerous, empty shell stocks”, I would have cut immediately.  To each his own flavor!

Also massacred were PBC 24, SFI .23, RFM 1.40.  The top 10 gainers were all junk and had no volume to clap about except SLI.

I failed to mention FLI which was up yesterday at 1.05, hit a 1.09 high today before also correcting to 1.03.  MPI likewise had good performance at 2.88 yesterday, also corrected to 2.77 today.

SLI however, continued its 30cents or so run to 1.38 from yesterday’s 1.11 close.

Overall volume was heavily concentrated on TEL MBT BPI AC, these 4 stocks alone took in about Php 1.3B in value turnover!

All was not lost, I did my first PAM NTS daytrade on MEG and was good for a few bucks.

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