Daily Market Notes February 5, 2010
February 5, 2010 by dragon
Sell On Rally but not at this point
PSEi 2,855.64 DOWN 59.23
value php 3,030,341,485.00
DOW 268.37 -2.61% 10,002.18
NASDAQ 65.48 -2.99% 2,125.43
S&P 500 34.17 -3.11% 1,063.11
Greece, Europe debt default fears, unexpected more jobs losses in the usa… it was all too much for nerve wracked investors hence a global correction averaging 2.5 to 3% is under way.
Methinks current rapidity of the decline might not merit a sell on board right now, but that is just technicals talking.
Only two index stocks gained today: ABS 28, GLO 945.
2/3 of the index stocks were losers led by TEL 2535, AC 262, MER 160, these three of which had a combined loss of about 32 points for the index.
Most of the other index issues did not have that much depth today as they did the past losing days. The trick now is measuring and anticipating how long any rebound (if any) will last.
Best overall gainers include IMI ABA ABS PA SMDC DFNN. Guess investors want triple digit declines for the Dow to get SMDC kicking again as this was what happened the last time. SMDC died at 4.55 a.m. but was resurrected at 4.90 p.m.
Best losers with volume: MEGW1 .49, ANI 21.25.
Deadboys NI (low 3.30 high 3.65 close 3.55), CPM (low 3.2, hi 3.7 close 3.65) IMI (low 15, hi 27 close 22) suffered their continued selloff but only in early trade as they closed higher.
TOTAL FOREIGN BUYING : P 1,100,083,211.80
TOTAL FOREIGN SELLING : P 1,212,048,356.80
NO. OF ADVANCES: 18
NO. OF DECLINES: 92
NO. OF UNCHANGED: 46
NO. OF TRADED ISSUES: 156
NO. OF TRADES: 10,208
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