The market today closed positively by 34 points but slightly lower from the day's high as profit taking was seen across the board.
Profit taking by major brokerage houses are seen throughout the session in MEG as it closed 1 centavo lower from yesterday's session, closing at 2.46. Seems like they are distributing now. Support should hold somewhere at 2.30 once it makes a correction. Volume today are much higher than last week's advances. Technical indicators are still pointing down so I will not be surprised if it continue to decline this week.
GMAP closed by 2% higher today as ATR seems to be accumulating, while JPMorgan has been a net seller today. I am contented with the confirmation today so I still held on to my position. Technical indicators are pointing up now so it should advance anytime by now.
PX also met strong selling in today session closing 4.79% lower from yesterday, forming a dark cloud cover. Technical indicators are also pointing down. The support at 14.40 should hold. This could provide a place for fund rotation once I get out of GMAP or MEG, whichever reaches their targets first.
Technical indicators are also declining rapidly in AT. 13.46 should provide some solid ground for support.
Still sitting on a 4.29% net paper gain in MEG while sitting on a much lower net paper loss at 6.51% with GMAP.
