May Pera Ito

The reign of the Lopezes ended today. EDC and FPH looks toppish while LPZ continued to correct back down and FGEN was almost unchanged (forming a flag, maybe?). The banking sector dominated with MBT, BDO and RCB leading the way. SECB, UBP and PNB were also gainers but their move wasn't as big as the previous three. Among the six, PNB was the weakest. Sigh, I have a position on PNB. I bought last week and I was totally disappointed with its move today. Anyhoo, MBT was great so that kind of evened out my emotions for the day. :-P 

MEG and FLI remained strong today but I believe they are currently facing resistances at current levels. Speaking of resistances, MPI broke above its short-term upward channel resistance at 3.30 and closed the day strongly at 3.42. If I follow my acceleration rule*, then MPI would already be a "take profits". That's a short-term recommendation, of course. Plus, MPI has a medium-term resistance at 3.50. If you looks at it in a longer view though, MPI looks like it has already bottomed out so may be taken as a "buy the dips". 

A client, obviously happy, said today, "M.P.I. May Pera Ito." Woot! Haha! Just for the record, I don't have any MPI shares. :-P

*Acceleration Rule: Sell when the price range expands significantly on a stock that is trending up. To demonstrate: 

In the case of LPZ, my acceleration rule failed even when a bearish harami formed after its acceleration. That was a very bullish indicator so LPZ even rallied after. But just as a general rule, I make sure to sell on an extra ordinary price move and its location in the chart is near the top.