The December 7 Report

Market Commentary

Our market ended the week on a dull note, notching 11 points to close at 3,745. However, this is not to belittle this week's performance. Coming into this week, the market closed at 3,578, thanks to Trillianes and his adventurous friends. We closed this week up by 167 points or 4.7%. Not bad.

I just wonder what next week holds for us since a lot of people were saying we'd reach 3,800 by year end. Are people saying that we just have 55 points to go then we go crashing down back to earth?

At one point our market was "down" 169 points. I say "down" with the quotation marks because it was due to a technical glitch. Some people probably thought we crashed and thus eroded today's gains to whittle it down to 11. This blog author was also curious why that happened when TEL, and other big caps were not in the red majorly.

Next week is the big Fed meeting, followed by our own local BSP. On to the field notes:

53 stocks up, 60 down, 53 unchanged. Total trades today were 11,575. One new 52-wk high : BC.

For the PSEi, MBT led the way while ALI succumbed to what we might say, profit taking.

Active stock was still TEL 3,120.00 (-0.16%)
Top Gainer was MRC 0.63 (+14.55%)
Top Loser was JTH 30.00 (-20%) (Yesterday, this was the top gainer)

Today's volume: 1,849,206,658
Value is 4,820,524,000

* All values are based from Technistock.

Foreign Houses:
DEU +86M
CLSA +63M
MACQ +221M
JPM -154M
UBS -169M
ABN +20M
DBP -2M
PEP -37M

Looks like it's still net foreign buying! This is certainly good news and will be a good omen for the ff. week.

STOCK

LC and LCB - 0.54 (-1.82%), 0.58 (-1.69%). They are still near their highs, double top? Monitor this on Monday it could potentially breakout.

PA - Downhill trend confirmed, it closed at 0.235 (-4.08%), on an up market day, this one is down. Bearish in my book, at least in the next few days.

AJO - Weekend factored. It closed weaker by -3.57% to settle at 0.135. Not much trading - 71 trades, light volume compared to yesterday. Watch out for this again on Monday.

PEP. Well it rested today, and it's also probably due to the weekend factor. Closed at 1.42 (-4.05%). Oh, and DBP-Daiwa bought 500,000 shares at 1.42. They also bought some shares yesterday. Foreign players? Abangan sa Lunes.

Stocks to watch out for next week - MUSX, DFNN, Lopez Stocks, DIZ, PX, GEO, MIC. If you have charting software try looking at all of them except MUSX. I just have a feeling MUSX would go up because some people will average down, which could push the price up a bit.

STUCK

TBGI.

AT. Nuff said. But is the last 4 trading days a bullish flag pattern? Abangan din ito sa Lunes.

SUCK

I didn't have any day trades today. I almost dipped my hands into MUSX. Good thing I didn't.

Happy weekend! And Good Luck to us in December.