QVP3: 4.24.16
For a month now, Index is trading on a tight volatility range.
Despite continued exit of smart money (amounting to more Php2.5B) going out of the market (with in a month time), the index prove to have legs to defend the index from further slide, it stood still on the breathe of the important FIBO 61.8% resistance...
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| PSEi Chart 4.22.16 |
Last week, PSEi close at 7622 reach it peak for the day at 7656 to as low of 7607.
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| PSEi Chart 6.17.16 |
The market tested once the Fibo 78.6% resistance 7700 and succeeded to defend it for 2 days (June 6-7) but succumb to selling pressure on the third day and then gone down to 7460 on June14 recovered the next day and now on an upward swing and last friday settled to 7622... on a heavy trading day( allmost 11B change hands on that day!).The good news is that smart money buy more than 1.4B more than they sold signalling the return of smart money in the market after 4 consecutive days of selling.
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And just for comparison :
Last week, smart money participation on trading floor goes up to 55% and a 21B net buying YTD.
Last April 2015, Smart money participation on trading floor goes up to 54% and almost 50B net buying YTD when PSEi hits its historic 8000.
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After the dovish Federal announcement, the market is now keenly awaiting the Brexit this June 23(UK time).
Surely whatever happen to the Brexit will open a disaster and an opportunity .
The crystal ball is still cloudy, and as always the case...
But the near future look promising.
Just enjoy the ride !
To the 8000... and onward !!!
Caveat
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