SINCE THE MARKET BROKE THROUGH the 3,000 psychological level of the Philippine Stock Exchange index (PESi), trading has been fairly limited to a range of around 100 points.
Every time stocks head toward the upper limit of the trading band, a market selloff happens. Stocks turn overbought, sending the market to move sideways as in consolidation.
Last Friday, trading activity became even softer. I would have accepted it already as the sign of what to expect for the coming days. But I just couldn?t ignore the huge special block sale of shares of San Miguel Corp. (SMC) that was done also last Friday. The market is still willing to take more risks. Therefore, I suspect that demand accumulation is starting to kick in.
Results of Week 24 at the virtual game
Like I mentioned before, the additional data on the results of Week 24 are produced below to give you a complete picture of the virtual game. The data will also serve as a cross reference for the contestants to reconcile their personal records with the month-end report for November that was advertised last weekend.
With the described type of market consolidation, stock prices should again start climbing very soon. To venture a fearless forecast, it should be happening not later than next week. How fast and how far stock prices will travel, stay tuned.
English syntax
My aging friend Jimmy V., who teaches finance at that girls? school run by nuns in Quezon City, sent me the following story, which I suspect was his most unforgettable lesson in English syntax. It?s about a ?Pinoy? of his age who managed to enthrall a visiting blonde, who ended up in bed with him. The blonde speaks in broken English, which means she?s not from any of the English-speaking countries.
After the first pleasant interlude, the ?Pinoy? asked with a smile, ?You finish?? She frowned and exclaimed, ?No!? Because of his sensitive ?Pinoy machismo,? he felt so challenged that he went on with another rattling and groaning episode. This time, there were screams of passion, and as the rattling ended, the ?Pinoy? asked again, ?You finish?? Smiling, she cuddled closer to him and softly said, ?No.? Stunned and damned with his last tablet of Viagra, the ?Pinoy? used the last of his strength and did more rattling. He managed to send her screaming, bucking, clawing and ripping the bed sheets. Exhausted and barely able to turn his head, he looked up into the blonde?s eyes and asked again, ?You finish?? The beautiful blond whispered, smiling, ?No, I Norwegian.?
(You may reach the Market Rider at marketrider@inquirer.com.ph or directly at densomera@yahoo.com)
