Low trade volume over the first two trading days of this week indicates that the market is taking a breath.
Tuspitero of tsupitero.com said last monday (18th) that he believed we'll likely see sideways movement or a correction. He discounts the likelihood of a strong rally before either of those happens.
As we've seen some correction already over the past two days, it looks like he's right on the money this time. Whether the PSEi eventually ends up rallying up and beyond 2900 or comes down below 2500, in the meantime we've got a moment to decide where to place our bets.
I don't bother crunching numbers much but considering the world economy and the mixed numbers as regards corporate earnings, I'm still bearish. But who knows, as the silver linning of the slowing world economy is emerging to be the drop in demand for oil we there may be a few more surprises in store for us.
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