7388 to 6760 in 8 Days

The Philippine Stock Exchange Index

The market closed lower again today (another long, red candle) representing a decline by 3.8%. Mainly the reason for the continuing decline is the rising yield on low-risk bonds and the growing concern that Philippine shares are overvalued - at about 20 times their earnings. This is the highest among the 15 AsPac markets.

My port is bloodied as with other ports. All day, my watchlist was a sea of reds with PGOLD and COSCO as the only green ones.

As planned, I cut my COSCO so as to be consistent with my posts in FB and Twitter. As with the other issues which are blues, depending on the price action tomorrow, I will start implementing cutloss procedures.

It is no longer fun trading in the Philippines.