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%

Crappy day trades

I have nothing much to comment today except that the market was led by MER again and many "basura" stocks (third liners). Pretty boring day for me except for that I lost some while day trading--you guess it right--MER! :( OK, I did regret not buying this yesterday, now I regret even more that I made a crappy day trade. I'm still a newbie in day trading, because usually after the time I sold my holdings, that's the time it will rise. Arrrgghhh!!! Good thing I just lost a little. I need to read about this.

I was supposed not to buy anything today due to my bearishness, but it seems like that our market was a bit resilient. Got some PAX again (Oh no! Am I falling in love with this stock? Not good.) and San Miguel B (SMCB) today. I was intrigued at the ability of PAX to whipsaw people, but pennant is still intact. Buyers have slightly picked up today, but were met with a wall of sellers towards 2.60. I was hoping that PAX will return to the limelight again. It seems that we might have a third liner frenzy soon based on what I saw today. :)

The reason why I got SMCB was that it bounced off the 57 uptrend line support two days ago with even better volume today, and because of the MER-SMC connection play. Though this is less volatile than MER, I'm at peace as I know I won't get whipsawed here and there. :)

Dow Jones Futures up by 0.55% as of this writing. Gold seemed to have broken down of US$916 last night. USD is very weak against Yen.

Composition:
SMCB = 17%
PAX = 12%
Odd-lot stocks = 4%

Portfolio invested: 33%
Cash: 67%