Rally!

The index gained 21 points in today's session with relatively lower volume if we don't count the huge cross - again - in AEV. I think that the rally today is just another tech bounce and it would pretty much safer to expect the market to continue to drop in the short term.

Gains of FLI +4.76%, MER, +3.18%, AP +2.52%, PCOR +2.27%, AEV +1.73%, and SM +1.30% pushed the index higher today while PLDT -0.35%, and MBT -0.84% held up their grounds with relatively smaller losses in comparison to yesterday.

Other gainers with significant turnover are BEL +4.45% and DFNN +3.56%. Other losers with significant turnover today are led by JAP's ORE -5.34%, NI -4.63%, LC -2.27% and SECB -2.24% after they released their income report for the whole 2010.

Macquarie got rewarded after pushing PCOR yesterday.

It seems like BEL has formed a short term reversal pattern today with a target of 5.40 to 5.50 at most.

AEV broke above 38.50 - intraday high 38.70 - but unable to sustain its rally, closing lower from intraday high at 38.30. It would seem that it has already broke out of its sideways-to-down trend today but I am still skeptical about the break out because most of the volume came from the huge cross so I think it would be better to wait at the gap instead of chasing and buying it higher. Or I could just buy when it breaks 40.

It was a boring day for NIKL because the market was up. 5-minute chart was flat the entire time until it was bought up by ASIASEC at the closing. Today also have the lowest volume turnover in the current trend. Calm before the storm or sign of impending reversal? Closing bid looks delicious though.

Hypothetical short positions in AP is down by 4.50% and MER is down by 3.50%.