2300++ Double Support Test

After the index touched 2,289.21 in the day’s low and a closing of 2345.68 last July 03, 2008 , the market have somehow managed to bounce a little and is preparing for a double support test. If enough support is achieved at this level, this may be a good sign of investor’s exhaustion on the oversold levels. 

But the technical merits might not be enough. With the weakness of the US economy, oil price’s uncertainty and local inflation’s pressures, we might not be seeing just yet the end signs of our local bear market.

A breather at last….

After 5 consecutive days of gruelling decline, pain and remorse. Today proved to be a breather. At last, bargain hunters felt that the current prices are at crazy low levels and that it was time to buy. I have one short-term advice to myself, and You too -> Sell into Strength!

Holding On…

In this turbulent times where almost all prices are down, we should learn to easily identify the stronger ones. Those who are able to stay afloat amidst the downward push of concurrent strong waves. What I mean to say is that we should easily see the stronger issues in the current stock market.

Personally, I believe the following are included in this list:

• Piltel (PLTL)
• Philex (PX )
• Manila Water (MWC)
• Universla Robina Corp (URC)

If you have a ’sell’ signal in your issues, these 4 should be an exception. I just hope that demand holds until the time is ripe.

08 May 27

As I have predicted, resistance was able to hold prices and seems to be on its way down to support again.

But the downtrend seem to be minimal hinting on a possible higher low. If this holds true, the short term future looks good and might be a sign of a possible break of the nearest resistance. (If not only for the crazy prices of oil)

On the local company scene, the bustle made by GSIS head Winston Garcia in the Meralco-management-take-over flurry continues to hound the electric giant and its stock price. I hope it ends real soon as investors are not comfortable in shaky waters

08 May 19

The first trading day of the week marked the end in the market’s 8-day climbing streak at 2,877.46; albeit almost flat inching down only 0.1%. Along the lines of resistance, this showed a jittery market yet to decide either to continue to push up or get their profits and be satisfied.

The next few days would be a crucial play for short-term traders as they bet on breaking above the resistance level or be pessimistic about having enough demand to turn this hope into reality. Until a clear break is shown, prudence tells us to stay on cash and continue to lighten down.

In the absence of more fundamental signs to support a resistance break, I am taking ‘prudence’s’ advice for now. =)

Day 01

TheDayTrader will house an online stock trader’s personal take on the current local stock trading activities. From the day’s hot stocks, sudden movers and other related matters that affect the local burse including the country’s economic conditions, government actions, and the people behind them.

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