2 February 2012

PSEi 4,781.60. +65.96 points. +1.4%.

All-time high right on schedule. The uptrend is intact. Looks like the market still merits a “Hold”.

I’m still a non-participant in the current rally. Paradoxically, I think this kind of skepticism is one of the best indications that, barring total disaster in Europe, this market may still have much room to run. How many traders do you know are in this rally? How many are still mainly holding cash? Let’s not forget that BSP just decreased benchmark interest rates, again making the stock market increasingly attractive. Caveat emptor.

As for individual charts, I’m eager to see which specific uptrends are still intact and which ones have bit the dust. I’ll check and post when time permits.

Happy trading, people!

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