PSEi eked out small gain

The index eked out a small gain today brought about by a mid session rebound. Again, this intra-day turn around movement is a bullish sign, taking in the correction early and quickly moving on to eat the goodies.

MEG rebounded after trading lower early in the session and established another higher-high. The stock pulled back to the 1.36 level before making the run to 1.44. That drop to 1.36 may have been the new higher-low and we might expect MEG to run towards it's key resistance at 1.5-1.52

PNB succumbed to some profit taking after a very good and solid run the past few trading days. At the closing price of 32.5, this stock is still very cheap. Short term resistance and target price is at 35 but I will not be surprised if it would correct first down to 30 before making another run.

URC corrected some more, going as low as 24.25 and closing at 24.75. That signaled to me that URC may be on another leg up. As I have mentioned in my previous posts, URC is still a cheap, very good quality stock and still has a lot more room to the upside. It's parent holding company, JGS, seems to have entered a sideways pattern and this maybe a good time to accumulate this stock.

While everything looks bright and shiny, it will never hurt to still play a little defense. Lock in some of your gains while the market is still hot, especially on 2nd and 3rd line issues. The S&P VIX is already at the 15's level and I view this as complacency in the market that often precedes a significant sell-off. As they say in wall street, 'if the VIX is low, time to go?'