I didn't do anything last Friday. The Dow managed to advance another 100+ points last Thursday but that seemed ineffective to trigger a follow through move on the PHISIX as it slowly drifted lower from a high of +14 to close the day by -3 points. It seems like the market is hesitating again. If we are, indeed, moving within a sideways to up trend, then I think we can expect a correction next week. That may be an opportunity to buy the stocks you want but are currently too high. The PHISIX is actually trading near resistance so it wouldn't be surprising if we do correct from here.
LPZ and FPH were the highlight of last Friday's trading. I was hoping to get some FPH at 52 last week but I wanted it to bottom out around there first before buying anything. Unfortunately for "barat" me but luckily for those who have FPH, the news about the buy-back program triggered a bounce off its support at 51.50. FPH closed the week at 55.50.
My officemate and I were talking about EEI. He also has a position on EEI so when it was sold down to 3.80, he made a comment saying that they're trying to shake out the little fishes or the weak hands. I replied jokingly, "I'm shaking! I'm shaking!" Hahaha!
VLL finally broke above 1.92 last Friday. If you take a look at its range, its upside target of 1.98 has already been reached. But if we look at an AB=CD pattern, VLL has a potential upside of 2.16, which is the resistance of its prior consolidation. Now, I wonder if the move to 2.16 would be as smooth as VLL's climb from 1.62 to 1.90. Definitely, there are a lot of people who got stuck above 2 pesos so expect resistance around there. Let's hope that Big Mac will continue to support VLL. :)
By the way, I went to the FM-TP meet last Friday. I don't know if I heard the speaker from First Metro right. He said "Don't" on GMAP and PIP. I almost laughed out loud as I bought these issues last week in an anticipation of a bounce, at least. The more people don't like these stocks, the more I like them. All mine!! :))
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