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