Up, up! But is it on its way to "away?"

And the bargain hunting continues! Volume today is up about 60% compared to yesterday. After another positive close in US markets, the PSEi has given us this:













It looks like a rally, smells like a rally, and tastes like a rally. But the true test is at the 3026 level. Please, not too fast. We don't want a spike but a steady return to green land.

Biggest news from last trading is JPMorgan's upbid (JPM, Fortune 500) to the Bear Stearns (BSC, Fortune 500) purchase from $2 to $10 per share. And again, this is no problem for JPM after its earnings from VISA's IPO. Anyway, the upbid is meant to calm BSC's shareholders who feel $2 dollars per share does not reflect the true value of Bear Stearns. Needless to say, but still worth noting for the figure it has produced, BSC closed 88.76% up at $11.25 from a more than 100% high at $13.85.

	NASDAQ	2326.75	68.64	3.04%
	DJIA	12548.64	187.32	1.52%
	S&P 500	1349.88	20.37	1.53%

Back to the local front:

PSE COMPOSITE AND SECTORAL INDICES from www.pse.org.ph
VALUE		CHANGE	% CHG
PSEi	2,892.20	24.70	0.8614
All Shares	1,773.17	14.00	0.7958
Financials	694.99	10.40	1.5192
Industrial	3,576.71	3.61	0.1008
Holding Firms	1,551.37	8.73	0.5659
Property	1,089.74	26.20	2.4635
Services	1,600.02	8.28	0.5202
Mining & Oil	6,539.98	85.85	1.2957

MARKET ACTIVITY
Trades	5738
Volume	1,142,476,910
Value (in thousands)	3,251,015
Advances	60
Declines	30
Unchanged	58

Worth noting is the Mining and Oil average's 5th day at closing low despite All Shares in a 3 day rally.

The fact that most positions closed at highs is an indicator of quick sells, as well. Probably just day trades in the market today as investors are still waiting for stronger confirmation from foreign markets. Oh how dependent are we!

Stock to watch while eating popcorn: FLI!













Today's low is higher that yesterday's low. Why? I don't know. :) It closed at 1.06 which is a price it last hit 13 days ago.