Ghost Month

Say hello to the first day of the Ghost Month! Let me just say, based on today's behavior, it seems that a lot of people don't believe in ghosts. It would be interesting, although I'm not that curious, to see how people would react to a down Dow. As of 9:50 pm, the Dow is down 130 points. Before U.S. trading, I had intended to write about how critical the big move that the Dow is about to do for our index. See, in the short-term, the PHISIX resembles the Dow. Our index may be stronger as seen through the sharper ascents as compared to the Dow's sideways to up movement but notice the tight congestion present in both indices. A big move to the downside in the Dow may trigger the bull flag in our index to fail. So, Dow, fight to be unchanged! The bulls are counting on you!

Today, some mining companies actually rose from the dead. AT was the strongest, closing at its high of 10.50. I doubt that it will revisit its low of 9.6. It looks like a buy the dips already with support at 9.8 / 10. Was there a cross sale in AT yesterday and today? Volume for the past two days has been spectacular. PX, on the other hand, bottomed out two days ago at 9.9. Unlike AT, PX's recent bounce had no volume. It also still has to take out its immediate resistance at 10.50. Until it does, I will continue to assume that it is merely doing a dead cat bounce. NI is still consolidating while MIC broke out today. Personally, I will not buy mining stocks yet. I will wait for the setup that I like to form, that is, a consolidation after a big move up, like ANI at 16, before it flew to 18.75. 

Aside from mining issues, GMAP and GMA7 look like they have finally found a bottom, although I don't think they'll have such an easy time trending up from here. They have been in a downtrend since August of last year. For sure, it will be met with resistance. 

Anyway, the highlight of my day was, of course, the three stocks I bought yesterday: DMC, SCC and AGI. I was even able to day trade DMC for a 45 cent gain. I actually didn't intend to day trade DMC. It's just that, it spiked today so just to be on the safe side, I sold the shares I bought. I'm chicken that way. Haha! VLL was spectacular too. It broke above its previous high of 2.50. Will we be seeing new heights from here? Wait for me first! Haha! I also bought PNB. It's okay if we see new heights for PNB. :-P