I was expecting this week to be selective, at best. It is the Holy Week, afterall. Many stock market participants are off gallivanting at some exotic hot spot for a vacation. However, instead of the the Holy Week lull, we got excitement! I'm so pumped up, I can't keep still. This is one of those days when "I hate the weekend because there is no stock market" (Rene Rivkin). From the chart of the PHISIX, I thought the correction would start yesterday. I wasn't looking at a deep correction or anything but I also wasn't expecting that it would be this shallow. I'm loving the pleasant surprise, Mark! ;) The index looks like it's bullishly consolidating at the highs. A convincing breakout above today's high of 4,283 should confirm the continuation of the uptrend. In the short-term, this breakout should bring the market to at least 4,370. The next resistance is already the all-time high of 4,413. If we look at the (green) channel, the recent upswing could potentially lead us to a new high of 4,550. *fingers crossed*
The flavor of the week was mining stocks. LC, MA, PX were the noticeably strong stocks. I wasn't able to take part in the mining run because I was busy elsewhere, namely, DMC and BEL. Of the movers last Wednesday, BEL, FGEN, LPZ, and FPH caught my attention. Time to fly!
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