sideways today

After the three day weekend, April 3 was a day of sideways movement. The PSEi closed at 2,981.12, which was down by only 1.92 points from the last trading day.

While we saw the bears flexing their muscles late last week, they seemed to be tentative today. At some point I saw the market down by over fifty points but then the next moment it would be up again.

I expected the market to keep heading down towards 2700 or 2500, at which point I was preparing to take a few more positions. However, it seems that the bears are looking like they want to take a summer break. I'm starting to get more excited.