18 October 2011

PSEi 4,157.26. -57.19 points. -1.36%.

In a broad-based sell-off, IPVG Corp. (IP) provided the entertainment by rising 18.24% to close at 3.5 Pesos. Do tsupiteros dare?

The composite index gapped down at the open and closed near the lows. It briefly recovered intraday, but instead formed a lower dark candle on the daily charts.

8 of the past 9 trading days, the local market has gone up. That’s a lot of ground and momentum for the Bad News Bears to overcome to prove the downtrend is still intact. Yesterday’s 4,214.45 is immediate resistance. Support is far away, near the 3,700 level.

Asia is lower across-the-board. Will Europe and the US break this bearish chain? Equity index futures are still negative.

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