Remember a few months back when Daiwa forced the market to close higher by suddenly posting heavy buying on selected index issues during pre-close? Today, I was rather surprised that we closed 99 points down. Before pre-closing, there was actually some aggressive foreign buying on issues like AP and AGI. I thought there would be some buying support by the close on other issues as well so I assumed the market will close less than -49 points. To my surprise, we closed -99 points. This isn't good...the forced closings, I mean. I checked the first transaction that struck at 12nn and I saw mostly selling from Daiwa. These are from stocks like SM, TEL, BPI, MBT, AGI.
If I recall correctly, the pre-close period was made in order to dissuade forced closings. Here, you can't just hit one board lot and if that's the last transaction, that would be the close for the day. In theory, that sounded good. But in actuality and experience, we've seen far more radical forced closings after the pre-close period was implemented. Hmmm...
PCOR is still the name of the game! I hesitated to buy this. I had two buying windows. I missed them both. I hesitate a lot these days. :P
I sold several stocks today. Hehe. Some, a bit too late. But I'm more convinced I need to clean my portfolio so I can start fresh again. This is the only way I can "play". You can't play when you've got a lot of baggage right? I'm particularly interested in HLCM. I wonder if it can breakout atbove 13.50 tomorrow. Looks promising. I think I'll buy a little.
I'm also rather curious with BEL, LR and CMT. They moved in their typical toppish formation. I saw the same thing in SMC before but SMC didn't correct back down as I expected. I'm looking at a possible similarity to emerge with SMC, BEL, LR and CMT. SMC is currently consolidating at its high after supposedly peaking. BEL and CMT are doing the same. Will LR follow? Next question is, can they breakout from here?
7 comments:
I think I need to change the title to "Daiwa Strikes Again." Sounds better, no? Haha!
hi christy,toppish? i like all 4 of your stocks. they have shown strength amidst market weakness. let's see....surfer
Hey Surfer! Toppish ba ung market? I think the market is trying to find a bottom. But I think we'd have a hard time going up again. Sideways at best siguro.
Ayos diba? Those are the stocks I'm looking to trade. Ayaw ko ung steep na ung correction tapos ung hanap mo lang shallow rally. Mas magiging smooth ung breakout kung hindi cya ganun nahulog nung correction. :) We'll see! So far, consolidation mode parin. Ayos ung HLCM. :)
parang may final hurrah yung market this year end...
but i am not so bullish next year for the u.s. equities.
china equities also signalling trouble???? surfer
btw, christy, you might find my post in desert storm's war academy interesting... does strong stocks outperform in an upmove of the market?
surfer
Congrats tsupitero friends!
Surfer, why aren't you bullish on US equities? Haha! I think it's still okay as long as it breaks its 52-week high or at least holds above its support, assuming it continues to move within a range.
Sige, I'll check that out ha. :) I'll get back to you. :)
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