Longneck’s UCC’s (Useful Chit-Chats) Nov 19 ‘09
November 19, 2009 by longneck
Our PSEi added another 30pts today to 3,083 in the process breaking previous high of 3,074 .. PX and MER both added 10 PSEi pts each to our index.. But both are now at their respective resistances already …
The banks continue to be strong led by BDO now at P41.00 and already near my target of P44.00.. MBT a step slower today, but still on cue to go P50.00, while RCB is back to low volume status and may just consolidate between P18.25~ P19.50 as I mentioned yesterday, but still very much trending up. The next BIG move could actually come from sleeping giant BPI , a break-out can yield FPH-like P52~P53 for BPI… Of course, I am silently rooting for PNB. Its closing of P26 for two days now is already the highest closing price of its recent run, as previous P26~P26.50 were just intra-day highs. If volume is generated at the P26.50 level, THEN this could initially zoom up to P28 and join break-out boys – BDO, MBT, RCB…
ALI and RLC both look strong, but MEG-FLI-VLL trio continue to lag behind. RLC is still a break-out of P13.00, I still hear sweet sixteen for this, while a break above P12.50 for ALI can spell 14 different reasons to buy this…
ANI was the strongest stock today, even breaking above its recent P29.00 resistance , and this despite continued 115 SB Equities selling. I expect ANI to test P34, but not yet break above this level.
On the other end , NIhao’s break below P6.50 did yield P5.80.. hopefully this level holds. I personally think it will, BUT how high the bounce is what I am suspect, as Dec 11 SRO release date keeps getting me hounded. Hopefully, this can still bounce above the breakdown point of P6.50.
Lastly, Lepanto due diligence news produced gap ups for LC and to a certain extent MA, but both closed weak.
I have rooted recently for Sir JAP’s stocks, but I think he has a bit too much on his plate, and is having a hard time juggling.. The likes of I and ANI are just recent additions to a rather long list of 7 already, and 10 is just way too much. But who am I to question Sir JAP, I will just look at the developments from a distance and see how things unfold before seriously plunging in. For now, I am quite contented to be the BANKER.
very concise and informative sir LN
thanks Quickbang! I just hope my UCC’s prove to be true during trading time…