Market Closed in the Green... But It Could Have Been Greener

The market made an intra-day high of 3315 before closing at 3297, but still up more than 12 points from yesterdays close. Overnight, Wall Street edged higher after the fed kept interest rates at its lows. This helped the local market turn positive for today. But hmmmmm.... I believe it could have been more positive if investors did not succumb to mid-day profit taking. I'm believing that election anxiety is still a big concern. The big election news today is the denial of the comelec to do a parallel manual count (I 100% agree with comelec in this one).

Industrial stocks were the issues actively traded today with the biggest volume belonging to Aboitiz Power, folowed by Energy Development Corp. I believe that from this point, the market would enter a consolidative phase or resume an uptrend if supports hold at 3150. But this support may get a lot of pressure from worldwide events (such as sovereign debt downgrades of european countries) and as the May 10 elections draw near.