For the last 3 trading days of this week, foreign buyers placed their bets by buying up big blues on a 3-minute pre closing window. This they done by ordering huge buys aggressively. I don’t know what they are trying to do with the market, but the 3-day 3-minute pre closing frenzy that send the psei to record high at today’s close of 3,902 is dangerous. Infact, it is very very dangerous. dangerous or not, those who have played it safe by taking profit already were all smiles.
Foreign funds are toying with our market. they can easily push it up in a jiffy. but technically, here’s my concern.
PSEI Vbottom complete: today’s spike up to 3,902 have validated the pattern’s completion. what’s next for the philippine market? A 300-pt correction back to 3,600 level is still consider healthy, (but) breaking 3,600 and its gonna be ugly and it’s gonna be wild.
September 9, 2010 at 6:10 am