The PSE index closed lower on its fourth day at 4,097.49, down by 27.05 points.
“The market reacted negatively to the slow economic growth. The consensus in the market was that the GDP [gross domestic product] would be anywhere between 6.7 and 7.5 percent,” said Astro del Castillo, managing director of First Grade Finance Inc.” GmaNews.TV
I just want to look back at my previous post. Most of my stock picks on 16th November reversed and now freely falling, namely: BDO, DGTL, SMPH, FGEN, and LPZ. I’d suggest you do a cut loss else wait for their rebound like what I did in Sta. Lucia Land Inc, SLI. But it takes a lot of patience to ride a correction. Today, it did a breakout on its downward channel and went to as high as 2.20 and closed at 2.03. My immediate target price, TP, is at its previous high of 2.50. Based from its previous price actions, this might reach 2.58-2.60, R3 of the pivot calculator.
An interesting chart pattern that I found was SouthEast Asia Cement Holdings Inc. (CMT), a breakout from ascending triangle (continuation) pattern. My medium term TP is around 3-3.1, projecting the lowest price on Aug. 19 from the resistance at 2.05. Hopefully, CMT will continue to rise tomorrow. I’ve added GMMA (Guppy Multiple Moving Average) on my indicator after attending Mr. Guppy’s seminar a few weeks ago. The indicator captures the behavior of short-term traders (red moving averages) and long term investors (green Moving averages) by using two groups of averages. more details on Guppytraders.com
From CMT’s GMMA, the long term trend is still strong on the upside. For the short term moving averages, they’re starting to separate from the long term moving averages to establish a stronger uptrend. The degree of separation between the two groups of moving averages define the character of the trend, the wider the separation, the better.
Mr. Guppy said that we only choose those indicators that work for us and and those which increase our probability of winning, if it’s not working well, look for alternatives. I’m now giving GMMA a try. 
Nickel Asia’s (NIKL) listing debut last 22nd Nov. is not as impressive as CEB. I was expecting beyond 20-25 on its first day but it only managed to peak at 19.4 and closed disappointingly at 16.5. ORE did the same thing, as it closed at 4.18 from its all time high of 4.55. ORE is now on a correction, and might retrace to 3.76 to 3.52.
Nevertheless, there are still some stocks that were jumping off the roof like SMC, SMB or Petron (PCORP). Be careful though when you’re doing a momentum trading as stocks that rise rapidly has the tendency to free fall quickly as well.
