Gus Cosio says so

Ideas on the Philippine Stock Market

Is there a limit to the sky?

9:15 Tuesday  4 August 2009

The S&P 500 index broke through 1000 in New York overnight and with the Hang Seng and Shanghai indices moving very strongly, I can’t help but feel that more bullishness is being fueled here in Manila.  Yesterday, the BSP stepped in to buy US Dollars in the spot market because hot money is just pouring into the Peso.  Foreign money that exited Philippine stocks early this year is starting to come back.

I think first liners TEL, AC, GLO, ALI, BPI, MWC, MBT, SM, SMPH, MEG, you name it, will start to move into upgraded levels.  My guess is that the flow among domestic players will move into some strong second liners.  It is really an ideal time for an active trader to keep punting this market.  Keep your eye on stocks like RLC, EEI, PNB, ISM, CYBR, and SPH because I believe the tide is rising and all boats will float higher.  In spite of it being a rainy morning, the sky above the equity markets is as clear as day.  As the late rock star Jimi Hendrix sang it, “Excuse me while I touch the sky!”

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August 3, 2009 - Posted by | Uncategorized

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