Longneck’s UCC’s (Useful Chit-Chats) Nov 25 ‘09
November 25, 2009 by longneck
Another CENTURY PEAK day ending again as the top traded stock, and yet no signs of peaking as of yet. Now confirmed as a GEM, CPM was even halted at the start.
PSEi was down by 10pts today. The only big index gainer is new break-out boy ICT, as this counter seemed to have broken out of P23.00, targets could be P25.50 …
I am looking at ALI as the possible index heavyweight which can prop the market to newer highs, a break of P12.50 would confirm this theory of mine, and could yield us GreenbeltĀ – 14..
On the other side of Greenbelt, MEGAWORLD was weak and did break down of P1.44 supports, though it bounced off its lows of P1.36 closing at P1.42, we need confirmation that this is indeed a ‘false’ breakdown. And to do this, it has to go back above that P1.44 level in the next couple of days, and stay above it.
MER(P216) , is also now nearing support levels, and could be due for a mini bounce.
Previously halted MRAY now Alphaland sprang back to life and was top gainer today, rubbing off to mother ABB. As I don’t follow both, that’s all I can say for both of them for now.
NIhao another disappointment has been making lower highs P8.70 previously, and now P7.30, the way I see it NI is now endangered to break down of P5.80, as its bounce is nowhere convincing.
ISM another recent high flyer touched 0.0675 but still did not break out of it. Is it only resting or is it in danger of going back down to 0.060 ?? I feel it is the latter. ISM holders should exercise caution IMHO from this point on.
Right now as we speak, USD is showing extreme weakness, Gold nearing $1200, and other major currencies establishing new highs, get ready for another pop up for the DOW to at least 10,700~10,800.
Lolo stocks, mainly LC/B are resuscitated today from coma status, and are both marginally higher.
How do I see the market from here? I believe we are just consolidating for the next push higher. As always, do position and trade selectively.








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