Post # 8: MCP out

I was convince that $MCP broke its support at P4.00 that I took a small loss and closed my position.

I figured that I can always go back if things look interesting for me again.

I always try to respect my stops. Not doing so caused me great losses few years back.I will never make that mistake again.

chart by bigcharts.com

My position remains in $STI for now. I expected it to range inside the box (.90-1.00+) for a while. Although I do not like the direction of the general market, I'll give $STI more leeway for it showed itself to be resilient.

The index

I am seeing the index ranging between 6800 and 7000. Either a breakdown or a breakout of that range might be at the horizon now, and it will determine the direction that the index will take.

I am not really intending to add to my positions for now. I want the market to show me clear directions before committing any more funds. I will just watch the stop of my current position while waiting for a better market condition.

Post #7: Psei below 6800

The index is once again below 6800 and it is almost confirmed that it is going to continue showing us a lower low trend.

One reason I wasn't able to update this blog is the fact that I actually did nothing these past few weeks.

My port is still consist of $MCP and $STI, with the previous showing lackluster price action and the latter proving to be being resilient.

$MCP will still stay in my port as long as it stay above P4.00. $STI initial support will be P.90.

I'm not even following the market real-time right now, I'm just watching my stops from time to time.

Post #6: We are back above PSEi 7000

Philippine index closed at 7050 today, up 83.84 points from yesterday. I would prefer it that the index stays above 7000. I I'll be closely watching all my stops at this level.

$STI

chart by www.bigcharts.marketwatch.com

Bought some STI today as it broke its resistance convincingly. Will closely watch price action the next few days and see if it stays above .80 cents.

$BLOOM

www.bigcharts.com

BLOOM seem to be finding it hard to break resistance. IMO, it need to break P7.00 convincingly to get my attention.

$NIKL

www.bigcharts.marketwatch.com

NIKL showing strength upon breakout. Will wait and see price action after this breakout before considering taking a position.

$MCP

chart by www.bigcharts.marketwatch.com

MCP is showing a lackluster price action lately, but it stays in my port as long as it holds above P4.00. Price is tightening and volume is drying up, a good sign if you ask me.  Will give it a few more days before deciding on my next move.



Remarks: 

In port: STI,MCP

Watching closely: NIKL,LIHC,BLOOM

FNI - should break above P4.00 soon, support at P3.50.

Yellen hinted that an interest rate hike is inevitable, most probably by December.

Post #5: Fickle Nickel

Philippine Index remained below 7000 today. Showed strength in the opening and gave all of it back late afternoon. Not good.

Two stocks caught my attention today. 

$FNI: Will be interesting at breakout. 

charts by www.bigcharts.marketwatch.com

$NIKL: Good volume, watch for breakout. 

charts by www.bigcharts.marketwatch.com

Will nickel stocks shine the next few days? 

Remarks: Few position at $MCP, support at P4.00.

Overall market condition is not so good, no additional position should be entered. 

Watchlst: FNI,STI,NIKL,BLOOM,MCP

Post #4: PSEi Double Top?

charts by www.bigcharts.marketwatch.com

I really don't like double top patterns. I believe it means we failed to go higher twice and might find it more difficult to break the resistance the third time. We really need a strong fundamental catalyst to make that happen.

I remain cautious and maintain risking part of my capital to the minimum. Index closed the week at 6975, a few points below my PSEi 7000 support. The index  should go back above 7K or else I'm pulling the plug.

Notes: I still have a few positions  in $MCP but is watching if it holds P4.00.

Post #3: Melco Crown

Chart by www.bigcharts.marketwatch.com

$MCP (P4.43 up 4.24%)

A breakout  around P4.50 would be interesting if accompanied by a noticeable volume.


Remarks: 

Overall market market still not showing any signs of reversal as investors are still waiting for the U.S election result.

Only a handful of stocks is on my watch-list.

Post #2: Technical bounce

PSEi showing some bounce on a Friday but lacks convincing volume.

Overall market remains nervous about uncertainty in U.S election next week. (Nov. 8, 2016)

FED decided not to add to uncertainty by keeping interest rates unchanged. A possibility of a December hike is expected though.

Notes: Not risking more than 30% of capital unless market showed strength again. I'm always ready to liquidate all positions in case PSEi goes below 7000.

Post #1: All soul's day

PSEi: on a clear downtrend, below SMA 200, major support PSEi 7000.

Chart by www.bigcharts.marketwatch.com

Notes: World market is jittery on FOMC meeting Wednesday. November 8 U.S election between Hillary and Trump is also a concern.

Stocks in radar:

$MCP: ranging, support at P3.50, resistance approx 4.50 - showing strength despite overall market weakness.

Chart by www.bigcharts.marketwatch.com

$STI: Breakout candidate, range - .70-.83, stock is resilient despite overall market weakness.

Chart by www.bigcharts.marketwatch.com

Remarks:

Watch overall market, minimize risk until market shows obvious direction.