September 30, 2013
Phase: Broken Support
Monthend Window Dressing mode
PSEI 6,400 and 6,200 Support break
US budget battle and debt ceiling debate issues
SMC to sell MER shares to JGS
Despite the monthend window dressing, Philippine market went down hard today due to continued worried on US Budget and debt ceiling debate issues leading to 2 of our index’s support line to break.
with PSEI 6,400 and 6,200 strong support lines broken where could our market lead to?
at anyrate, lets just hope that things may get better tomorrow, else it might send our market back to the downtrend
on corporate news
MER holders rejoices as SMC sell their share at 270 to JGS Holdings.
Usually price of the company to be acquired pushes higher to the buying price while the acquirer goes down before the acquisition happens and then reverses afterwards
PGOLD is planning to open 25 stores in the next 5 years
most of which are under their expansion program in Mindanao.
September 24, 2013
Trend: Consolidation preparing for rally
Phase: Consolidation after last week’s Hype
Mode: Preparation for month end window dressing
PSEI is seen to consolidate in the 6,400-6,600 range this week with most analyst peg 6,400 as a strong support leaving traces of downtrend in the dust.
As strong the support it is, a fall below this support line (which would be less likely to happen) would send the market back on the extended C wave trend
Anyhow market just celebrated the FED’s stand regarding the QE exit (FED Tapering) which led to hype last week and in turn makes the lack of action this week. (dagdag mo pa ung force closing last friday)
Usually after a hype, market goes down to correct its trend, but this week, we may see the market simply range trading as a lot of market participants will see this opportunity to take some profits
Market is still net foreign buying ever since the fed announced its stand, so with both of factors it gives opportunity for new entrants to get in the market and position their portfolio
Month end window dressing would be short next week as we only have monday as the actual play day for window dressing since the last few days for the month would fall on weekends
it is recommended to fill up your position this week for the window dressing plays for next week