Longneck’s UCC’s (Useful Chit-Chats) Nov 24 ‘09
November 24, 2009 by longneck
DOW’s 100pt rise last night was greeted by a muted response as although our index psei did end up gaining 26pts, market breadth was not as positive as one might have expected.
Leading the way was TEL’s P55.00 rise to P2,600 translating to 16 gained PSEi pts. This alone accounts for more than half of that 26pts. Not to be outdone, PX rise to P19.00 also gave 5 pts.
Banking except for BPI were all marginally lower to unchanged, though positive foreign fund flow into the sector is still quite visible and evident.
For 2 days straight now, the stock that I have been shunning ever since it got listed turned out to be the most actively traded stock again. This stock needs no introduction, as it was in fact listed by way of INTRODUCTION.. None other than CPM – which even broke out and away of its recent P6.30 high, closing at P6.40.
The measured move for CPM whose recent low is pegged at P5.10 is another P1.20 move UP from recent high of P6.30 yielding a possible P7.50 target. Why have I been shying away from this stock then? Well, because of its name – “Century PEAKED..”
ANI, another star performer, has been plagued by broker 115 SB Equities non-stop selling, and market is actually anticipating SB’s close to the photo finish line selling, hence this has touched recent high P31 again, and could be well on its way to test P34, if indeed rumors going around are true.
WEB saved my life today as its return to P18.00 makes “Boss DRAGON’s betting my life on WEB to break out” is now a P1.00-away from being a reality. Son-in-law ISM also made some headway closing higher to P0.065, though just forced close…
Usual strong property counters ALI and RLC both still look good, but not so much so for MEG. The Dec 14 sellable rights at P1.00 and also the warrants couldbe putting a dampener on the stock.
One of my picks which shot up yesterday PAX, got shot in the foot by previously accumulating broker UBS Warchest who reversed course today and turned into a seller. Reason probably for its weakness today. Hopefully, this is just a scare tactic for him to accumulate some more, otherwise we will all be losing a strong ally.
Good luck as always to everyone …
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