6 October 2011

PSEi 3,890.52. +67.39 points. +1.76%.

Following the lead of markets in Europe and the Americas overnight, Asian stocks were mostly higher. Total turnover at the PSE was a typical 4.3-billion Pesos.

Panic seems to have dissipated in world equities markets. Stocks, especially in the US and Europe, appear to have found a short-term bottom.

In the PSE, it now seems reasonable to expect the index to continue floundering aimlessly for now. Just watch 3,721.22 and 3,999.65 levels. Breaking above or below this channel may be a sign of things to come.

Oil prices are recovering above $80/barrel (Nymex WTI and ICE WTI) and $100/barrel (Brent crude). Even the Peso managed a respite from its recent battering at the hands of the USD (now Php 43.70 / Usd 1).

At this moment, world markets are up again. STOXX +2.07%, FTSE 100 +2.39%, CAC 40 +2.45%, DAX +1.88%, DJI +0.31%. Respect the markets when they wake up from this stupor. For now, enjoy the quiet time.

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