ITA: 16 May 2012 | Huwaaat?!

Huwaaat?!

Did not totally expected this. PSEi violently crashes once again and is on a 6 day losing streak and down 8 of the last 9 days. Index is now down to 4,864.23, equivalent to -2.27% change from yesterday, which apparently depicted a stronger showing. Last time we were here was back at the end of February, a good 8 weeks ago.

At this point, I think whether one’s cut loss point has been reached or not is already out of the question. Most issues have broken down from their supports and into ‘your guess is as good as mine’ territory. If your stops have not been reached, you have a lot to be thankful for. 🙂

MEG has convincingly broken down from support at 2.05, closing at its near low of 1.90 today.

I decided to hold on to my SECB which looked stable at 125 until the second wave of the selling storm arrived in the afternoon. Stock closed at 120.1.

Should be resolute not to engage the market until bottom has been confirmed. Should stay on the sidelines and observe (not particularly easy to do).

Main culprit is still the obvious GREEK concerns.

S&P has already approached a 3 month low and US market futures are still in the red as of this writing.

>> God is good all the time 🙂
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