The PSE ended 2009 with a whimper.  Even if the last trading day of the year produced a green day, it was still uneventful as most people were on vacation, either literally or figuratively.

Obviously, we are still in a sideways movement.  In fact, we wrote earlier that the index looks toppish.  However, we can’t say for sure if this is a reversal or it’s just a pause in the uptrend.

The moving averages are still in bullish mode but the MACD has long been warning us that the momentum for the PSE has been declining.  We should be ready at any time in case things would turn sour.

Hopefully this new year will bring us more things to smile about and not more headaches.  With that, we bid you a prosperous 2010!