26 Dec 2018 / by Unicapital Securities
FREE Special Report: Hoping for a New Year 2019 Stocks Rally?
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Our Partner Broker’s Recommendation
This week, while the Philippine stock market was closed for the holidays, the Dow Jones in the United States fell by almost 3% in one day and is currently down by 15% from November. The culprit behind the angst include:
- a) the US Fed’s “hawkish” stance in 2019 despite a projected global economic slowdown due to US-China trade war;
- b) talks of Trump looking to fire Fed Chair Powell (later clarified by the White House as not possible); and
- c) the US government’s shutdown following Trump’s demand for border wall money
The risk-off mood rubbed off to other markets as the Nikkei entered the bear market, slipping by 5% yesterday. With a shortened trading week ahead, chances of a last minute rally for PSEi seems dim.
Note that the PSE index is already up by 9% since the bottom last Nov. 13 – one of the best performing markets this month. Thus, a move towards the 7,700 resistance this week due to year-end window-dressing activities may not be sustainable in the next few weeks as global markets remain frail.
We will thus look to Sell on any rally as we think it’s best to keep one’s powder dry coming in to 2019.
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