14 September 2011

PSEi 4,258.86. -34.05 points. -0.79%.

The PSEi support since Aug.10 is gone.

Short-term resistance: 4,290.14 to 4,305.56. Medium-term support: 4,140.27 to 4,157.03. Medium-term PSEi support was tested on June 14, June 17 and August 9 this year.

8.6, 9.96, 7.5. PXP (-24.7%) is erratic and quite possibly bearish. Today’s long dark candle closed yesterday’s window. There’s still very little to go by in PXP, but these are generally bearish signals.

Traders may want to pay attention to RCB (+2.42%) which is trying to push 52-week highs. Nonetheless, I just don’t think local equity bets are worth taking right now with Greece hanging over our heads.

“Does not Dionysius seem to have made it sufficiently clear that there can be nothing happy for the person over whom some fear always looms?” – Cicero

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