PSEi 4,282.77. -8.95 points. -0.21%.
After hovering around -16 to -18 points for much of the session, the composite index recovered some losses at the close. Nonetheless, I think the short-term prospects for the market continue to be uninspiring.
I cut losses on GERI and PGOLD, and took profits on URC and LCB. Of the four, URC may have the most potential to continue its upward trek. LCB’s movement looks very familiar, and I think, very bearish.
The trading suspension and accompanying news should have stirred tsupiteros into a frenzy. But there was only frenzied selling. I’m going out on a limb, and say that the recent LC / LCB rally is likely over. News + upwards price movement = positive. News + downwards price movement = negative. We have the latter, and a “Bearish Engulfing Pattern”, which tends to be quite accurate (along with “Dark Cloud Cover”) on jockeyed stocks. It was a pleasant ride.
Only 6 active bets remain and I’m heavily inclined to reduce holdings further. Of these, 2 continue to trend up, 2 are slightly down since I bought in on November 17, and 2 are prime candidates for cut losses.
For whatever reason, the local stock market remains distinctly bearish. Even with a less than 10 point drop today, I’m sure a lot of trading portfolios felt a lot more pain than -0.21%, thanks to LC / LCB.
Trade carefully, people. You don’t have to trade or add to your holdings if Santa ain’t coming.