19 August 2011

30-28.

Following the lead of world markets, the PSEi declined 63.64 points to close at 4,339.90. Basically, yesterday’s gains vaporized at the open and never really came back.

Just as the top traded stocks moved up in unison yesterday, today 18 of the top 20 traded issues were down, while two (LC and PX) were flat.

  • PSEi close > 4,550.53 = Bullish
  • PSEi close < 4,157.03 = Bearish
  • PSEi close between 4,550.53 to 4,157.03 = Sideways / Neutral
After 5 days of trading, we remain smack in the middle of the recent trading channel carved by the PSEi. The local market is still indecisive. Well, my decision is still to Avoid this market until it shows some real strength.

Tails.

Happy Weekend, Traders!
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