Got Milk?

You may not have noticed it but Alaska Milk Corporation (AMC) has been on an uptrend since early last year. The thing is, it is not always traded. It is also characterized by long consolidation phases, not much retracements, before continuing its uptrend. Last March or April, Trader X pointed this stock to the rest of us in the office. Ever since then, AMC has been on our stocks to watch but none of us were actually able to ride this when it started to trend again last May. A few weeks later, it started moving sideways again. The range was clear: 10 to 10.75. I thought AMC's uptrend was over when it broke below its support a few days ago but lo and behold, it was a bear trap and today, it made a strong move to the upside.

Whenever I'm in the office, I sometimes feel like I'm watching some sports game with trading as the game, the ticker as the bird's eye view of the game, and my officemates as the commentators. This morning, upon seeing the strength of AMC, Trader Y said, "Gotta buy some milk!" Trader Z then started to chant "Food! Food! Food!" His reasoning was this: when you drink something, you'd want to eat something. Then suddenly, there was a barrage of buying in Swift Foods, Inc. (SFI). He repeated, louder this time. "FOOD!!" I couldn't help but join their jolly conversation. I said, "And where will you buy your milk and food? In SM!!" Hahaha!!

SM broke above its 10 peso range today to close the day at 445. There were several crosses c/o Big Mac and Deutsche. I don't know what to make of those crosses. I was joking with another trader who bought SM the same time I did that the crosses were done so that SM's breakout would look like it was done with volume. Kidding aside, I'm actually kind of worried with SM's move. A big move on top usually indicates a peak. MBT, PNB (@ 32), and JGS all made sharp moves that looked like a breakout but was actually followed by a correction. Anyway, SM is now just 7.50 pesos away from its all time high of 452.50. I'm hoping that SM will move just like all the other all time high fliers after eradicating their previous all time highs.

Remember I currently have a bottom picking experiment under Operation Tsupita? I bought ANI last week at 16 and today, it closed at 17.25 I believe this is in expectation of the meeting on Friday. As usual, I have selling orders starting at 17.50. I failed to buy more today too. Recently, I noticed, those stocks I have little of, make up with big percentage gains, while those I have a lot of, barely move. It's a conspiracy! Haha! Anyway, I don't believe in jackpot anymore. It's okay for me to make a little here and another, there. As long as it's a profit, I'll take it. No regrets!