Daily Market Notes
Daily Market Notes February 9, 2010
PSEi 2,797.61 DOWN 48.99
value php 3,207,234,885.00
DOW 103.84 -1.04% 9,908.39
NASDAQ 15.07 -0.70% 2,126.05
S&P 500 0.01 0.00% 1,066.18
Wall street indeed flutters about 10k as we said, but was bear pummeled at the last hour, sending it convincingly well below 10k this time around.
For Asia, The PSEi joins Nikkei in continued bloodshed, while the Hang Seng and China stages their version of a bounce.
Where is our bounce? It seems any slightest chance of a rally, or merely just volume on the bid side is taken as a selling opportunity for those trapped with big volumes.
Index Gainers were limited to two: MEG 1.12, SMPH 9.10.
Over 2/3 of the index stocks were losers led by: ALI 10, MER 157, BPI, PX TEL EDC AC.
Daily Market Notes February 8, 2010
PSEi 2,846.60 DOWN 9.04
value php 1,862,870,285.00
DOW 10.05 +0.10% 10,012.23
NASDAQ 15.69 +0.74% 2,141.12
S&P 500 3.08 +0.29% 1,066.19
America’s unemployment rate fell to 9.7 percent, initially placing bulls and bears on the sidelines, but selling pressure once again took over and saw the dow lower by 150 points, but non stop recovery in the last two hours closed the Dow Industrials above 10k again, a very good reversal hammer sign in technical analysis.
However, Asia was not convinced as the Nikkei was still down 1%, most others still lower except for Australia’s slight tick up.
The Psei got its lead when SMPH sank to 8.70, setting the tone for another mini selloff, which quickly turned into some bargain hunting but was sold off some by the close.
Stock Market & Finance
Technical Analysis leading indicator on breakdown, fundamental reasons to follow?
Read the title. I guess that’s how I feel about the sequence of circumstances in the chronology of how they unfold.
I’ve come across two interesting technical analysis articles. One from website oldtimer Gregory Barton’s asiachart.com, and the other from xtrenders. Both agree on textbook road to to breakdown that markets are taking, only differing in the pathways to the explanation.
Look at xtrend’s dow chart:
2010 seems like 1930 Great depression again, according to analyst.
According to Ron Coby’s Minyanville article, this “Capital V” Recovery is in danger of turning Into “Capital D” Nightmare. Read more from his article below:
Many well-respected economists and market strategists are talking about a V-shaped global recovery. Some see it as so powerful, they’re calling it a “Capital V” economic recovery — aka “2003 on steroids”.
I agree 100% — the V bottom in global markets is the result of unprecedented steroid injections by the Federal Reserve coordinated with many other Central Banks. But we all know what excess steroids ultimately do to an athlete once the power-enhancing drugs wear off. Just as the illusion of strength dissipates from an artificially pumped up body, so will the global market weaken once the “juice” of coordinated global rate cuts are reversed.
Entertainment
PS3 hacked!
Probably just in time for a short to medium term bear market, the good old PS3 has been hacked after 3 years. The hacker: none other than one of the first few to break the Iphone first generation: Geohotz.
He will release the patch and instructions soon, and was confident that he has broken through already. In all likelihood, the hack will probably be like the recent wii hack where you play games off an external drive which contains downloaded isos.
In his blog about how he details hacking the ps3, he mentions “I have read/write access to the entire system memory, and HV level access to the processor. In other words, I have hacked the PS3. The rest is just software. And reversing. I have a lot of reversing ahead of me, as I now have dumps of LV0 and LV1. I’ve also dumped the NAND without removing it or a modchip.
Best Alternative Sites for Mininova
Now that mininova has gone bust, a lot are asking where to get their favorite torrents: updated and organized in the mininova way?
Mininova disabled access to over a million torrent files when it partly shut down its website after 5 years of being online, partly due to the negative ruling on thepiratebay.
The most glaring reason for this change in format was last August a Dutch court ruled that Mininova had to remove all links to ‘infringing’ torrent files, with disastrous consequences.
Since it is technically unfeasible to pre-approve or filter every potentially infringing torrent file, the Mininova team decided to throw in the towel and only allow torrents to be submitted by approved uploaders. This move resulted in the deletion of more than a million torrents, many of which were not infringing any copyrights at all.
Life in the Metro
Best and worst auto models of 2009 by car maker
How much do Philippine government officials make in salary?
For all the headaches a government official is embracing upon being elected into office, did you ever wonder how much they make in a month? Why spend hundreds of millions for only a yearly salary not exceeding 1 million pesos for the top post of President of the archipelago?
Does that mean they all steal? Or all for the service of the country? Sense of nationalism? "Give something back to the country"? And yet some senators are so pompous and arrogant at shouting at citizens in their blue ribbon inquiries, forgetting that they are there at the service of the Filipino people. Anyway…….. here are their salaries as of 2001.
