DMN November 9 usual correction brings out usual fears

PSEi 4,266.45 | -29.17 | -0.68%
Value Php 4.6B

Dow Jones 11,406.84 -37.24 (-0.33%)
S&P 500 1,223.25 -2.60 (-0.21%)

Nasdaq 2,580.05 +1.07 (0.04%)

Investors once again find a reason for worry, as they look at Europe where the Irish bond market was suffering from the government’s plans to double spending cuts and to increase taxes to trim its deficit. Global markets are somewhat weak in today’s session, this following consecutive days of rally.

Meanwhile, Gold rallies further to $1410 and silver reaches levels not seen since 1988.

FOREIGN BUYING Php 1,963,118,820.12
FOREIGN SELLING Php 2,475,876,417.84
Again so wide. This NFS count is reaching almost a week now. Voila, the culprit can once again be attributed to a single entity, AGI’s 447m NFS. AGI dropped .76 to 11.42, which index-weighting-wise led the drop worth 8 PSEi points.

Other storm-clouds that affected the bullish programming came from: AC 68M, DMC 22M, MPI 89M, ALI 62M, MEG 22M, TEL 16M (only now), ICT 24M, BDO EDC AP 20M each

The CEB plane seems to have trampolined from 117 to close almost unchanged from its IPO price of 124.50 today.

TEL MBT BDO JGS figured in the slight gainers’ category.

Yesterday’s top gainer ALCO is today’s top loser with volume at .195, followed by RFM 2.01, plus some other 2nd to 3rd liners who had no volume in their selloff.

Another failed rally in DGTL. high of 1.67 was squashed to a pulp to close back at 1.64.  Yet another last second close up by ASIASEC reminiscent of Lepanto, as DGTL was doing 1.61 at the pre-runoff.

I’ve seen this before. People wanting a correction, correction coming, and yet they run away in fear. Start adding to positions!

NO. OF ADVANCES: 43
NO. OF DECLINES: 97
NO. OF UNCHANGED: 41
NO. OF TRADED ISSUES: 181
NO. OF TRADES: 15282

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