August 17 to 19 trades

I cut many of my holdings to taper off the massacre in the market. I cut SINO at 0.245, CYBR at 0.71, half of my CMT at 0.97 (which proved to be a mistake), and APC at 0.38. Technically, it seems that SINO and APC both broke down from its support that's why I got rid of them.

Yesterday, I made a boo-boo in Benpres Holdings (BPC). I tried to position first at the bid price of 3.05 while market price was doing 3.10. I was being too conservative! So I missed this ride, only to get it at the ask price of 3.35, which was a resistance. I feared that this will not pierce this resistance, so I cut BPC a fluctuation lower. I was just being jittery in this kind of market. Man, this proved me wrong! BPC pierced this resistance on very good volume and I ended up buying this stock up at 3.55! Wakhonga! Good thing that the momentum was there till today. I sold my BPC at 3.85 today. I should be content. :) Rumor mill says that BPC will sell it's stake in Digitel (DGTL). DGTL flew today as well! Hmm...

I sold the rest of my CMT at 1.06 at a minuscule profit as this was it's previous high. When CMT was trading in the range of 0.93-0.94 yesterday, which was the previous breakout point, now turned support, I hesitated to average down my holdings, thinking that I might just overexpose myself. So I ignored it. Instead I placed my bets on PAX again at 3.375 average. Stupid me! We know what happened to PAX and CMT today. :( I ended up buying the CMT I sold at 1.06 at a higher price of 1.12! My premise is that it broke 1.06 today convincingly. Target of 1.40 is still intact based on the technical analysis on my previous post below.

Market is still jittery. I viewed what happened to both PSEi and Dow today and yesterday, respectively, as a "dead-cat-bounce." Anyway, confirmation tonight and tomorrow is still needed to prove my theory correct. If it happens that our market goes down lower tomorrow, I might add some more CMT near 1.06. Let's see. Cement stocks are in the groove lately. Election play perhaps? :)

Portfolio invested: 44%
Cash: 56%

July 14 trades

Dow Jones jumped by 2.3% to 8,332 last night on positive remarks by analysts on the financial sector. Could this have negated the head and shoulders pattern (neckline was 8,200)?

PSEi tried to follow suit reaching a high of 2,514 mid-trading day, but people were on "sell-on-rally" mode once again. Index hit a low of 2,484 before closing just 9 points higher than yesterday to 2,492. Some excitement brought to us by Lepanto Mining Corp. (LC/LCB) due to "revived" rumors of Manny Pangilinan's (MVP) buy-in. LC and LCB shot up by 29% and 25%, respectively, on big volume particularly LC. Wealth Securities (code: 269) was the biggest buyer of the said securities today. Sympathy play trickled in to the rest of Felipe Yap stocks (Manila Mining [MA/MAB]) and other mining issues as well.

We saw today also the block trade of MER amounting to Php20 billion, which was the block purchased by MVP from the Lopezes at Php90 per share.

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I dumped BPC and SMCB today at a minimal loss because I think they were toppish. But I was whipsawed once again, this time by BPC. :( Some big buying by Macquarie and Regis on BPC brought it to close on its high at 2.42! Sigh. :( Thank God, I was able to hitch a significant portion of my portfolio on LC. :D It closed on its high at 0.225 (bid price) with gargantuan volume. I expect this to gap up tomorrow and continue its ascent. Technical analysis of LC below (click to enlarge):

Daily:


Weekly:


We can expect some resistance towards 0.25 then 0.28. Weekly Cup and Handle pattern points to 0.36.

I'm still holding on to WEB and PAX. Technical analysis of WEB and PAX below (click to enlarge):

WEB Daily:


WEB Weekly:


WEB broke out from 0.0525 the other day. Price target is 0.06 to 0.0625 based on uptrend channel and weekly Cup and Handle pattern.

PAX Daily:


I'm disappointed with PAX to be honest though this is still within the pennant pattern. Bolliger bands are contracting, which is a sign that a major move is coming soon. Bull or bear? That's the question.

Composition:
LC = 21%
WEB = 13%
PAX = 11%
Odd-lots = 4%

Portfolio invested: 49%
Cash: 51%

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Incidentally, tomorrow is my dad's 57th birthday. Advanced happy birthday dad! I'm glad that you're trying to live a healthier lifestyle now. :D

July 13 trades

PSEi respected the 2,500 resistance today. But it seems that I succumb to the temptation of buying some Benpres Holdings Corp. (BPC) and PhilWeb (WEB). For BPC, I think breakout was confirmed this morning with accompanying volume, but it seems there's an impending resistance at 2.40 above. Hmm... Initially, I was just to day-trade this stock, but it seems to have lost some steam towards the end of the day. So I just decided to hold on to this one.

As for WEB, I was really intrigued by it's strength today coupled with big volume as well. Looks like it has finally broke out of its consolidation. Big buyers today are Solar and Belson. The special stockholders' meeting will be coming soon!

I'm still holding on to my other stocks.

Composition:
BPC = 22%
SMCB = 17%
WEB = 13%
PAX = 12%
Odd-lots = 4%

Portfolio invested: 68%
Cash: 32%