General / Events
Absolute Traders & Consulting Services, Inc. (ATCSI) has constantly been getting its members involved in our continuing education via the Chart Analysis Forum (CAF) every month. For 2008, we have continued with our CAF in an unexpected way. The Philippine Stock Exchange's Market Education Department has recognized what ATCSI has long been doing and has allowed us to hold our first CAF for the year at the Tektite trading floor! With no less than PSE's Jay Penaflor welcoming each and every one of the 100+ people who attended the event, we kicked off the CAF at 8pm with the audience being introduced to all the blogs that our members have created and we saw the new intro to the CAF. Next up were ATCSI co-founders Danny Go & Bonner Dytoc dissecting the US market indices; namely the Dow Jones Industrial Average (DJIA), the S&P 500, & the Nasdaq 100. Both Danny & Bonner were quite cautious about giving recommendations considering that the indices were not showing any clear sign of bullishness. Knowing that many of the global markets, including ours, are always looking at the US for leads, both have recommended that we stay liquid for the moment.
After the ice breakers, Mr. Tsupitero (aka Miko Sayo), showed us his own observations with how other markets were performing on a long term view and his comparison states that the PSEi is not doing too badly compared to the US and Japan. In fact, he feels that there are buying opportunities in this market despite the general bearishness hounding it.
Last but not least, everyone geared up for our Chairman, Fitz Aclan, to give us his fearless forecast. Fitz was showing us many circumstances that happened when the market was bearish like the dot com bubble in the 90s, the savings & loans crisis in the 80s, etc. In a nutshell, Fitz says that the long term support for the PSEi has not yet been broken, in fact he feels that 2900 is where the support should be right now. What is critical is for the index to break 3400, and for the DJIA to break 13200 in order for the bull market to continue.
After the event, many were enlightened despite the confusion brought about by the gloominess of the market. Majority also look forward to the next CAF, which hopefully will be held again at the PSE Tektite trading floor. Maybe we can also look forward to a virtual trading simulation to be conducted by the PSE the next time around.
The photos taken are courtesy of Joy Tomas, from batch 19.
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