12 September 2011

PSEi 4,296.05. -50.02 points, -1.15% for the day.

I heard LC (-4.93%) and BHI (+1.19%) really roasted a lot of tsupitero portfolios last week. If true, look for tsupitero-type buying and selling to be muted. Anti-tsupitero traders may find slimmer pickings in the near-term if they’ve induced enough financial pain after the latest round of trading.

Trading volumes were thin today, with only 5 stocks breaking the 100-million Peso value turnover barrier. Trader targets JFC (-4.18%) and SMPH (-2.5%) were down for the day. Today’s big story was Philex Petroleum Corp., or PXP (+616.67%). From an opening price of 3 Pesos, PXP flew as high as 13 Pesos before settling to close at 8.6. A hefty gain indeed.

http://www.bloomberg.com/news/2011-09-11/u-s-stock-index-futures-decline-amid-concern-about-greece-s-debt-crisis.html

The PSEi short-term support has held again, at least for today. Tomorrow figures to be a stern test. In general, I believe local equities are still an Avoid. Cash is king.

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2 Responses to 12 September 2011

  1. noob says:

    Woshoo, aren’t you tsupits yourself? 🙂
    For tsupits out there, lesson learned: when you profit from your bets, walk away. Those who lost perhaps were too greedy.

  2. abitrade says:

    No tsupits for me. BSP SDA pa rin right now. Safety first. 🙂

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