This blog is committed to the serious study and valid understanding of technical analysis and its objective application to stock selection, risk management and execution primarily in the context of trading stocks listed in the Philippine Stock Exchange (PSE).

Thursday, February 14, 2008

PSEi, 2/14/08



PRICE AND TURNOVER
Close: 3,211.60
Change: -11.75 (-0.36%)
Value: 3,349,509,000

MARKET BREADTH
Net adv/dec issues: -31
Net up/down volume: -1,456,560,720
Net foreign buying: +509,781,430

OUTLOOK
The market continues to display weakness opening above the previous close only to succumb
quickly to selling pressure declining for most of the trading session. Today's decline is
accompanied by higher turnover which is not encouraging. Most of the breadth indicators
support the decline and the net foreign buying for the past two days is not enough to buoy up the index. The daily timeframe remains the same. The bigger trend is on a decline so odds are that advances will be met with stiff resistance. I will continue to view rallies with suspicion until new evidence presents itself.

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