Typhoon Pedring shut down vast areas of Luzon, leaving millions of Filipinos without electricity. There was no trading at the PSE due to the weather disturbance.
As I write this, the Dow is up 2.82% while the Euro Stoxx 50 is up 5.31%. Previously, they also ended in positive territory, same as Asian stocks.
My guess is there will be huge demand tomorrow at the open. This would be due to the pent-up demand caused by the growing positive sentiment plus the PSE’s trading halt. I am also guessing the PSEi will end in the green. The question is, how will stocks do in between the start and end of the trading day? Caveat emptor. I am not a tsupitero.
A key level to watch is last Friday’s close, 3,885.96. If the PSEi closes above this, you may want to consider holding a bit longer to your tsupita trades.
If it’s true Europe will get its act together and avoid sovereign default by its weaker member states, financial markets will tip us off with more days like these. You may want to keep tabs on their credit default swaps as well for clues on where the world is headed.
I think the coming trading day will provide a welcome and exciting respite from the recent bloodbaths. Of course, there are no guarantees in life. Who knows which stocks will lead the charge and which will be immune to a sentiment shift?
May you trade well and profit. Good luck!