Longneck’s UCC’s (Useful Chit-Chats) Dec 1 ‘09
December 1, 2009 by longneck
Wow, how time flies! It is now the merry month of December.
November ended in a not so fashionable way, as the Dubai thingy prompted some counters to correct. ALI, for example, was at P12.50 (pre-Dubai).. and closed P11.75 (post-Dubai), and now back to P12.50 (post-post-Dubai).. ALI’s strong ascent yielded 12 gained PSEi points. The difference today was there were tons of volume registered at the P12.50 levels, this even touching a high of P12.75.. This impending break-out of ALI could take it as high as P14.00 as I stated on my earlier UCC’s.
Banking counters remain strong, with MBT being the strongest. A break of P47.oo for MBT could really trickle down positively to the other banking counters, and this should lift the PSEi higher.
The race to P50.00 between BPI and MBT could have a known winner by the end of this trading week. Abangan!!!
PSEi closed just a tad below the 3,100 level, but in my opinion it is in fact ready to take off now and blow past that, and go to at least 3,200.. I am bullish on ALI and the banking counters for now, as I have been all along.
But today, I noticed some movement at the Lopez end, namely FGEN and EDC, with EDC being the stronger of the two, needing to break P4.25 …
MER forced close the other way around today to P217 did give us PSEi +10pts, while TEL’s 35pt climb also yielded the same…
RLT (p0.62) , the one that got away, as I was spying on this way before it did break out of its P0.56…
ACR , another gainer with volume today, as it sped past the P1.38 previous resistance, and now looks headed to test previous high of P1.60…
A JAP original, an “M” was visibly being bought up by a prominent local broker at the close of trading.. no fireworks as of yet, but last I heard this could be very very soon, be a GEM as well.
By the way, the one claiming to write his own dinosaur’s diaries on my lair is an impersonator and has to be dealt with accordingly. Please notify FM authorities.
Thanks for taking the time to read this, guys n gals!!!
Hi Longneck,
I also noticed the FGEN and ALI movement. How would a person know that this is real a breakout? Do you wait 1 more day for confirmation or do you go ahead and boldly go where bears would fear to tread?
I just started to adjust to technical analysis. The past year I’ve been relying just on fundamental analysts reports so this is a whole new ball game for me.
I’m new to FM but I’m already enjoying your posts. Thanks for sharing.
Hi Ronald.. It might be better to take some TA seminar, and my very good friend tsupitero SANMIG gives very good ones…
It is quite tricky esp on our markets.. depend pa sa issue.. but usually if blue chips, when they break out/ or break down, TP usually is reached.
Sometimes it is just a short term, medium term, long term breakout, bro… so case to case dn talaga…
May I know what GEM mean? Thanks.
Been following your UCC’s. Very helpful especially for amateur traders. I jsut do my own online trading and your analysis are very helpful for me in choosing what stocks to buy.
I have encountered here and in your forum JAP’s originals several times. What are these stocks ? Thanks
Benjamin Uy : GEM means GEM fund…
ABET : thanks.. JAP’s originals GEMINI
–> GEO MIC NIHAO