Daily PACS Dec. 22, 2011
DOW closed marginally higher which is 4 points higher from its previous closing. Not much but if we look at how it performed during the whole session, one can say that momentum is still relatively strong. It started to trade in the morning on weaker tone but in the second half of trading, it trended higher. That price action to me is a vote of confidence. It’s probably a sign that the worry over Europe is starting to decrease or at least for now is being set aside. (For further explanation…check out what I have written yesterday.)
Below is the intraday trading chart of the Dow:
Yesterday, I also wrote a couple of stocks to monitor. They are: WIN up by 26%, PHES +12%, BEL +5.96%, MEG +2.96%, PCOR +1.41%, LR+.82% and MIC +1.79%. Only three were in the red, namely: AAA, FAF and PXP while SCC closed at the same price. Not bad since majority of the stocks I just mentioned yesterday, right away turned into winners. Note that WIN and PHES were intended for short term plays and so start to look for sell window starting today. Also continue to look for possible entry level for stocks like BEL, LR and MEG especially if they pullback.
Here is what I wrote:
On today’s PACS, sentiments continue to improve. Property sector has joined the party and now is trending up along with banking sector and the general market, the Phisix. The only sector that is still down on our PACS is the mining sector. As such, our biased for today will remain bullish and we will continue to look for buying opportunities.
I also like to bring your attention on how effective PACS is. Remember yesterday that PACS signaled a trend reversal on Property sector wherein I wrote that the trend has changed from down to up thus a bullish reversal. Guess what is the title of today’s article on Business World? (the article was written after trading whereas PACS already gave a signal a day before trading begun…)
Check below:
Author’s additional notes:
*For new readers check out “How to use” PACS page found at the sidebar or click this message.
*Please note that PACS’ price alert level will always supersede any opinion coming from the author.
*Try not to chase stock and always try to buy or sell near PACS given level.
Price Action Cheat Sheet 