Oct 8, 2014 – Correction in the Nation. Conglomerates Show Possible Further Drops.

Index fell 53.7 points to close at 7,185.68.  Net foreign selling is P370M.  We note the different fortunes of different sectors and stocks.  As you can see, those that have suffered were mostly the ones with strong foreign selling while others enjoying foreign buying are able to stay afloat despite encountering strong resistances.  We haven’t seen any capitulation so we expect more sideways movement to downwards bias.  Expect consolidation for a solid base ground in case we get good catalysts for November earnings season.

*****

Banks

#MBT -91/348 @86.05 (This distribution has been happening for months.  This sideways movement has caused the stock to be in doldrums.  We don’t expect anything to change.  In fact, further sideways movement is expected and if 85 gives way, we expect 83 to be retested.)

Other banks seem to be resting on their own modes as well.

#BDO – For now it plans to consolidate only between 95-99 area.  +14/183 (Doing what a leader does – which is to not drop on a sell off)

#BPI -7/78 – same movement with #BDO but a little weaker.  Most likely same range of 95-99

#EW (Seems like a turn was already seen, We might have seen the bottom here already at 25.85).  Value traded increased to 75 Mil.  -.5/75.5

Place this on your vomit buy shopping list. 26 areas to be a solid basing ground.

Power

#AP +57/127

#EDC -49/157, #FGEN -1/108, #FPH +8/35, #MER +11/87

#PCOR +22/47 @11.94 (accumulation for past few weeks already – place on placement shopping list)

Consumer

Only #URC gets foreign love. +45/333

NFS #JFC -79/106 (Looks like we’ll not see 200 anytime soon)

#CNPF +10/15 (some basing happening here)

Conglomerates Will Pull Us Down (This is the Sector that Will fall so find some opportunistic entries when they fall)

#AC -268/404

#AGI -76/294

#DMC -46/135

#GTCAP -10/129

#JGS -49/81

#MPI +36/76 (good enuf but not enough with a sector that will fall)

#SM -219/319

Properties (Still a Trading Sell on Rallies)

#ALI -112/420

#MEG -200/415

#SMPH +7/149

#RLC -1/3.8

#VLL +3/207 (unusually large value traded)

Telcos (More sleeping room)

#TEL -82/500

#GLO -14/69

Gaming

#BLOOM touches the 14 mark, #MCP went 13.90 (well good enough for both)

Tally shows #BLOOM +126/191

#MCP +5/51

Retail

Did #RRHI suddenly just had less sellers? -15/52 (And I thought 58 IPO was possible, oh bummer but let’s see.  Looks like the sellers are just there sleeping today)

#PGOLD -54/117

Note that both stocks are falling with foreign selling, but less impact financially (another 1 -2 peso or around 3-5% drops) which is a recipe for a perfect basing area.  Watch out as these vomits show possible mean reversal opportunities. 😀

Nickel Miners

#NIKL -13/63 (breathing and conso first)

#MARC +9/39

******

Basuras have better looking charts.   The thing is, the moment I talk about them – the charts are too illiquid that they may be easily controlled so for these kinds of stocks.  Just watch the tape.  They are plenty out there for the tsupiteros, swing traders as most stocks (blues) – either just consolidate or sleep.  The ranges will be more volatile should any capitulation happen.  Hoping it happens so that we don’t doze off.

– Faceless Trader

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