Yiiiikes! The market is definitely not looking too well. Breakdown, anyone? The PHISIX was down 52 points today. Considering the Dow fell by 350 points, I thought we'd do worse. I think down 350 is now the new down 100 points. Remember the times we once felt a -100 was already such a disaster? Volatility in the Dow is definitely increasing. I don't think that's such a good thing. Also, this has got to be the longest basura run. These aren't signs of a healthy market. I've been hearing scary predictions of -20% (at least) for the PHISIX next year. Then a -40% for the Dow next year. What do you think?
Today's highlight was the introduction of Philex Petroleum (PXP). It opened at 3 pesos then spiked to as high as 13, dipped to as low as 7.4, rallied back up to 9 pesos then moved sideways from here until it closed the day at 8.6. WILD! I think the move in PXP lit something in the oil industry or oil related issues. OPM tried to breakout today but still closed within its range. BSC? UNI? SOC? Hmmm...
AR vs. UPM. Haaaay! I got in the slower and much weaker horse.
