Well, we got our wish last week.  We wanted the PSEi to break through 3133 and stay above it.  At the very least, the first part was granted.

The index ended the week at 3180, 47 points higher than the 3133 we were initially looking at.  However, I’m still not that convinced that this is a bull run.  We are just 1.5% higher than the recent high and volume is just being maintained.  At the very least, I would still declare that this market is just in a consolidation.  As to what it is consolidating into, that remains to be seen.

For this week, we shouldn’t really expect much as not only do we have a shortened trading week, but most of the traders mentalities are now turning to what they will do on their vacation.  So light volume of trading is to be expected for the week.

The moving averages are still showing us bullishness even if the 65-day moving average decided to slow down a bit.  The MACD on the other hand, paused in its momentum but has resumed its rise.  Probably when we see the MACD accelerating upward can we consider that we are probably in the midst of the bull run that everyone is talking about.

In the meantime, it’s time to play it safe, both in the market and on what we plan to do during a well deserved break.  Let’s not forget our Lord as this is the appropriate time to give thanks to Him for everything that we’ve received.

Recommendation: Hold
Support: 3133