The Philippine Stock Exchange Index (PSEi) is continuing its bullish streak.  Even as the DJIA is undergoing a stage of chaos as both buyers and sellers are struggling for dominance, our own local index enjoys the continued confidence of the traders as we see it reaching 2 year highs.

The previous level of 3360, which we saw before as a critical level that it should break to maintain the bullish sentiment, is now serving as our initial support.  We also have the uptrend support since March 2009, now at 3300.  At the same time, this is the same level that the 65-day moving average is pegged at.  This would make the support at 3300, more significant.

The MACD has corrected a bit but it still maintains a generally bullish outlook for the index.  Therefore, we still see that the MACD is still confirming the bullishness in the PSEi.

There are a number of opportunities that are showing themselves lately.  It would be a sin for us to forego these opportunities if it was already ripe for the taking.

Recommendation: Buy selectively
Support: 3360