The market was down by 18 points during the session before closing 1 point higher at the end of the session. CMT was the only one to advance significantly with high volume. Other significant gainers for today are EDC, AP, GLO and MER.
Could it be that foreign funds are now rotating back into the power sector? CMT is still play and up until now, I don't know what's the story behind its movement. They are under construction-infrastructure sector of the market but I honestly haven't seen any of their projects.
I am disappointed somehow on my performance these previous weeks. Jumping on the mining train too late, FGEN and DGTL(although a little late too) behaving opposite of what I've expected while following my trading plan. Maybe I should sell all positions so I can assess the market better. MEG is my saving grace as it is behaving the way I've expected it to do.
I was expecting FGEN to advance in today's session but it met a strong selling pressure instead and with relatively high volume too. Hopefully the resistance at 14 gets broken this week so it can advance further although I doubt it because foreign funds are net sellers the last seven days including today.
The selling continued today in DGTL plus foreign funds also started selling. The gap it made last Friday is being threatened to be filled tomorrow. Ready to cut. Again.
As I've expected, MEG touched my personal support at 2.26-2.28 but its low for today at 2.25 was 1 centavo lower from my support. Anyway, my personal support defended the said level as MEG closed at 2.30, 1 centavo lower from my entry. It could advance again anytime by now as my technical indicators are pointing. The net foreign selling these past seven days are making me feel uneasy though.
All three stocks looks bad on the weekly chart so I will try to sell all of them in rallies.
The possible reason why I am losing money this previous week is I could be possibly forcing money out of the market.
I've spent 60% of last month's gain already trying to figure out this market.
