News / Philippine Stock Market

PSEi Outlook For June 10 - 13, 2008 By Bonner Dytoc June 07, 2008

It’s going to be a shorter week again this week with a holiday as a reliever of sorts for all of us working stiffs.  But will it be a reliever for the local market?

The trend for the market is still down.  The PSEi still has a hard time breaking the resistance at 2800.  Add now the problem of the US market falling by 3% last Friday.  Will there be a spill over here?  We hope not but we know what kind of effect it will have on us.

Volume has not picked up when the market tries to rally.  This shows us weakness in the market.  The MACD has been oscillating below the zero line.  This is another proof that we are still bearish.  Add the possibility of the market dropping to follow what the US did, we could be looking for the market to break the recent lows to go down even further to 2600 or lower.

What’s happening now is that everyday is like Holy Week and everyone is doing their own penitence.  Unfortunately, the suffering seems endless as the factors affecting all the markets are still there.

By the time it ends, we could be finished.