There wasn't much excitement today, was there? Most issues corrected back down or at least, traded below their opening prices. There were, however, some exceptions. IP did magnificently, following on its gains from yesterday, on news about a reselling deal with Google. Expect some heavy resistance around 1.80 as this is where prices consolidated several months back before breaking down. Support may be found at 1.50 / 1.60. Another top gainer for the day was APX. It is actually moving within a primary sideways trend but for the first time almost two years, it is consolidating around its upper range. In the last four months, it has tried three times to break 4.30, which is the 2009 high. Today, it reached as high as 4.50. APX would look bullish as long as 3.95 holds. The only problem with APX is it has a tendency to leap then sleep. Maybe a convincing break above 4.30 / 4.50 will call in momentum and invite the uptrend.
Ah, something came alive today after being dead (or was it playing dead?) for three weeks. Further confirmation is still needed to be able to call it a reversal but today's bounce off its support at 0.41 looks promising. I'm talking about LC, of course. It already did the first step by bouncing off support at 0.41. Second step is to break above its immediate resistance at 0.45. Next resistances may be found at 0.50, 0.54, and 0.64.
Anyway, I feel like I'm reporting something. Can you tell I don't have any of those issues I mentioned above? Although I didn't have any of the day's top gainers, I had some well performing stocks today. These include AP, RCB and my not so secret favorite stock. ;) I bought AP yesterday at 25.25. I remember telling Amorito and my sister yesterday that I was worried with AP. It hasn't convincingly broken past its resistance but I was looking at a bull flag. Today, it seems my worries were a bit misplaced as AP went up to as high as 26.50. I bought more AP today at 25.65, seeing it broke yesterday's high of 25.30.
Like I said the other day, the market has become very selective again. I think we've grown fond of the broad based rallies. Who wouldn't, right? Anyway, issues move one at a time. For the property sector, MEG was the superstar the other day. Yesterday, PNB led the banks. Today, RCB followed PNB while PNB took a breather. Mmm... Speaking of banks, MBT broke below several support levels today. It released news that it will hold an SRO. I don't really understand the dynamics of this. Is the SRO really bearish or are there other news that led to MBT's decline?
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