30-32. Tails. Hmm.. maybe this coin is broken.
The PSEi dropped only 23.76 points to 4,342.69. You’d think it was a quiet day, but most active traders are probably looking at 5% to 10% portfolio drops today as much of the action occurred in mining and other non-index stocks.
The uptrends traders have focused on lately were roasted today. LC (-10.06%), LCB (-11.58%), MA (-5.06%), PX (-4.64%) and BHI (-13.1%) were all down, as were other popular punt plays ZHI (-16.3%), MARC (-4.24%), ORE (-1.49%), EVER (-8.77%) and PEP (-8.75%).
No sooner had I shone a light on LR (+7.59%) and BEL (+5.67%), than both suddenly returned to the top 10 gainers board. You’d think the market was bent on always making me look bad. I have a different take on this phenomenon. When one makes a public pronouncement, it becomes in one’s interest to know whether one was right or wrong. Therefore, what follows, especially if the opposite of what one was pointing out or expecting to happen, becomes more memorable than usual.
Nonetheless, it is quite true that people tend to celebrate near market tops, and mope near market bottoms.
PWR (+21.9%) was up and pushing short term highs. MIC (+17.11%) closed at a 52-week high.
Take note of the coming Sept.12 revamp of the PSE composite index. FLI, LC, LCB, SECB and FPH are on the way out. On the other hand, BEL, CEB, SMC, SCC and SMDC will be joining the roster. Interestingly, the first 5 were all down, while the latter 5 were up except for SMC which was flat. This may be institutional funds at work as they (especially index funds) try to recalibrate their holdings. This may take more than a day, so there may be a punting opportunity here. Caveat Emptor.