July 15 and 16 trades

The Dow went up by 1% yesterday afternoon (US time) after Nouriel Roubini's "rosier" US outlook. It traded mostly flat in the morning. The Dow is now at 8,712 as of yesterday, which has confirmed the negation of the bearish head and shoulders pattern that I was saying on my July 14 post. It looks poised to test the resistance again in the area of 8,850. What worries me a bit is the volume.

On the local front, we're enjoying a long weekend. No trading today because of tropical storm "Isang," which caused the curtailment of governmental work. So since there was no central bank work, therefore there were no clearing facilities, and no trading. :( Good thing was that the PSEi confirmed the 2,500 breakout with volume and good breadth. Weekly volume increased from Php12 billion last week to Php12.3 billion this week (sans the MER block trade on four trading days only). Moving Average Convergence-Divergence (MACD) now showed a buy signal. We might test 2,626 pretty soon. :)

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I increased my holdings on LC by 25%. I'm pretty happy with this one though it's now experiencing some resistance due to the 130 and 200-week moving averages. My average cost is 0.214. :)

I bought some Metro Pacific Investment Corp. (MPI) thinking it will rise very soon as it was near the up trend support line. It did for a while, but was met by a brick wall at 6, and was sold down to 5.7. I decided to cut it one fluctuation lower than my cost as I don't think it's going anywhere for now. :(

I sold PAX but buying it again at a higher price. :( Man! This is hard to time. My hunch is that a (big?) move is coming.

I got a truckload of Megaworld Corp. (MEG) also, but it seems that the investors were experiencing some indecision as evidenced by the doji. I realized afterwards that I had overexposed myself on this one. :( But with interest at all time low, I can't think of any way that this will not benefit property developers. Besides, OFW remittances are at record highs. :)

Composition:
MEG = 32%
LC = 25%
PAX = 15%
WEB = 11%
Odd-lots = 3%

Portfolio invested: 87%
Cash: 13%