nah I doubt US government shutdown will have that bigger effect compared to Fed tapering...in fact, murag priced in na ni
Just observe the price action of PSEi today...nothing suggest any panic reaction. Remember that price action always discount/priced-in in advance most big events...
Last edited by MK; 10-01-2013 at 03:26 PM.
While other blues plummet, MER went the other way. It is up by 3.15% at the closing bringing it price to 295.00 per share. The question is, will it continue to go up? Looking at the chart we could see an interesting movement of MER on previous weeks. See how it tried to break the level many times but failed? Will it be a different story this time?
Caveat!
MER facing its resistance level again
AGI didn't bounce from the point where we speculated (Interesting bounce points seen on AGI), instead it continue to drop and is now nearing its 200-day SMA line and currently kissing the 38.2% Fibonacci Retracement level. During the morning session it showed some bullishness as it trades at 23.95 - 24.00 which could have closed with Harami pattern but during the afternoon session we have seen a selloff followed by big volume. Current candlestick doesn't show any bullishness. Let us see what AGI will bring tomorrow. Relative Strength Index or RSI continue to drop and is already at oversold level.
Caveat!
AGI already at oversold level but price still falling
usa ra na cla na issue maam...
Yes, sideways with downside bias still but not extreme panic like the tapering concern before...
Historically, PSEi was never that affected much by US govt shutdown...the last time was mid December 1995 to first week of 1996...in fact, PSEi rallied that period. Prior to that shutdown, a month before that was a 5 days shutdown too where the market reacted very much in advance as a sign of panic or market pricing-in in advance the situation...on the actual shutdown, not much market reaction anymore like what happened today...
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The public listing of both TSI (Emperador) and Travellers will have positive impact on AGI over the long term as its holding company. It unlocks the value of those business units...
Last edited by MK; 10-01-2013 at 09:47 PM.
even US Markets shrugs off the government shutdown thing...green so far with Nasdaq around 1%.
thanks sir mk!
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