Sing Song Mood

We all woke up to yet another 140 point decline of the Dow. On my way to work, I was already imagining the worst scenario, like my stocks breaking down alongside the index. I thought then that it was a good thing my officemate was bringing Krispy Kreme doughnuts to the office. At least, that should sweeten the horrible day that was to come. To my surprise, the market didn't panic. I was expecting some panic at the open as this is the second time that the Dow would go down by more than a hundred points. We didn't panic the first time around (two days ago) so I thought we'd panic this time. Have we come to the part where we're all numb to the volatility of the Dow? During the earlier part of trading, buyers and sellers were in a standstill until the banks started to rally. Thank you, MBT!

I finally sold all my MBT shares. I unloaded some at 59 a few days ago but held onto most. I sold all the remaining shares today at 62.50 and 63. I think it is still possible for MBT to reach my final target of 65 but for some reason, I didn't have it in me to wait for that target. Today, MBT's uptrend accelerated. That usually indicates that the uptrend is nearly over. Having suffered through 52 pesos, I was ready to exit the trade with a 6 peso gain. As they say, you're in good hands with Metrobank!

From MBT, I shifted to RCB. I haven't actually completed my buy order yet but I was able to buy today at 19.50. I started buying RCB yesterday at 19.25. The banks are in! Take your pick! ;) CHIB was fantastic too.

I had a moment of doubt on DMC this morning. I sold my remaining shares at 17.75 only to buy back half of what I sold at the same price. Fear of losing my paper profits clouded my judgment. But once I sold my shares, I had a moment of clarity and decided to buy back. It seems, DMC no longer wants to fall below 17.75. I forgot that 17.75 is the new support. There was 3M selling in 18 but DMC wasn't sold down. Instead, it was bid up. This was when I decided to buy back. I might even raise my position next week. I'm still bullish on DMC. I'm targeting 19 to 20 for this stock. I really just had a moment of doubt.

This market is so interesting!! We were able to close 18 points higher today. As for my Operation Tsupita, I think I will have to postpone this plan a bit. The blues are still at it. I can't seem to take my eyes off them to notice the faster small caps. I actually tried my hand on SPH. FAIL! I bought at 2.65 and sold most at 2.55. If I choose to, I could wait SPH out but I'm more comfortable with other issues. Let's play another time.

By the way, I'm sad for ACR. There might be a bounce play in the next few trading days given its very sharp and very fast decline. Resistance may be found at 0.86 / 0.90. If you're in for some kind of fast break, ACR might be a good candidate.