18 August 2011

29-28.

Today’s stock price movements confirm the short-term uptrend is still intact. Note how 4,403.54 took out the Aug.16 PSEi close of 4,372.70. Higher highs, higher lows.

From a medium-term perspective, it must take out 4,550.53 or 4,157.03 to further indicate direction. That’s going to take some time.

There were a lot of notable winners today such as LC (+6.94%), BHI (+30.43%), and SMC (+2.4%). News of San Miguel’s planned acquisition of ExxonMobil’s Malaysian operations helped market sentiment today.

http://www.bloomberg.com/news/2011-08-17/san-miguel-to-buy-65-of-esso-malaysia-at-3-50-ringgit-per-share.html

The same can’t be said of Esso Malaysia. Looks like San Miguel got a good deal.

So far, the short-term PSEi rally has been quite impressive, especially with the negative economic news coming out of Japan and Germany. You’d think it was a safe haven play like Gold or the Swiss Franc.

Among the many goings-on in the world markets, this one caught my eye:

http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/08/17/bloomberg1376-LQ3LOM1A1I4G01-4F3NV6CM4I0V2M0LDU44MOQ0H4.DTL

Time will tell if this triggers anything funny in the Gold markets. Interesting times indeed.

Heads.

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