Most stock markets slid over the past 24 hours. The Dow Jones slid back to 11,010.90, a loss of 1.61%. Other markets in the Americas, such as the Canadian TSX (-1.99%) and Brazilian BOVESPA (-1.21%), likewise dropped. Europe provided no shelter for equity traders as the European STOXX (-0.79%), U.K. FTSE 100 (-1.44%), French CAC 40 (-0.92%) and German DAX (-0.89%) all declined. Asian stock futures point to another bearish trading day.
Local traders appear to have assimilated all of the above and have driven the PSEi lower by 48.9 points in early trading. Traders should think carefully as sentiment does not look good. In my humble opinion, initiating long positions remains inadvisable. Avoid.
Cash is King.