10/02/2014 12:17:28 Free Membership Login

LN’s UCC’s Jan 31

The last day of January showed us that markets do not at all go up in a straight line, and window dressing was expected BUT we could have already seen it the last couple of days…

Most high flyers of the previous days came back to Mother Earth, and Superman was not flying anymore and was mostly affected by the effects of kryptonite…

Stocks like MER, PCOR, FLI, MEG all corrected well off its highs… We were already talking of some overheating counters, and today we saw just that a healthy correction…

MER was not able to pull the cudgels out of P300.00 and should consolidate again before attempting that level again soon… Supports now at about P289~P290…

PCOR also corrected hitting an intraday high of P11.40… It was not able to stay above P11.00 levels, and plotting supports would be at P10.70~P10.80 at worst…

Both property counters FLI and MEG also corrected quite heavily… but remember they have been up for the last few days, humongous gains for both…

CPG hit lows of P1.95 before resuming above the P2.00 levels, looks like we should see a consolidation, but not a long one at that P1.95~P2.08 then resume uptrend once a new high gets set…

Two speculative stocks that we were looking at , are acting quite funny at certain levels… ZHI P0.66 for the second day in  a row na spelled big trouble, as it was not able to hold gains at that P0.66… VUL on the other hand briefly traded above P1.60 yet also succumbed to profit taking once those levels were reached…

Today’s close of down 28 pts were mostly registered by a force close on BPI at the last minute at P100.00 level… That alone is worth 25 lost PSE points… It was trading at around P105 before the force close happened…

We traded the whole day of BLOOM without a single shadow of broker CLSA selling… That is of course good news for the stock… However to get to the next level, we need more active and fundie aggressive buying… Today, we saw some more selling but mostly from people who bargain hunted when CLSA sold… Looking at the counter, technicals are now pointing to a healthy pop back up for BLOOM, and tomorrow we should be seeing a good UP day for BLOOM… Remember that we said we will only initiate coverage once we see a one whole day of NO SELLING for broker CLSA, and today we saw just that…

The other gaming we were looking at – LR finally touched and broke above the P9.00.levels…

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