Record Phisix? Bear Markets Dominate the Service Sector! (33% of index, and 49% of all industry)

More signs that this (pseudo) bull market has been rotten at the core.

The service sector has exhibited the best breadth so far.

Nonetheless despite the headline effect from a manipulated pump on a few index issues, bear markets remain a dominant force in the broader record even in the context of the Service sector.

Below represents the breakdown of firms under the service index (left) and of the total industry (right). The firms have been accompanied by their respective chart conditions based on the close of May 13

Legend and definition:

-Bear Market (red): 20% decline from recent (mostly 2012-15) highs

-Record highs (record): stock prices at all-time highs (green)

-Uptrend (UPT): stock price on an uptrend but at non record highs

-Sideways: neither a bear market nor an uptrend/record high

The above shows us that only 22% of service sector firms have been at record highs as against 33% in bear markets! For the overall service sector industry, only 15% have been at record highs as against 49% at bear markets.

Like the counterparts in financials (index and non-index issues), property and holding, the following only reveals how a managed pump has only been concentrated to a few service sector firms!

Here are the Grizzlies…

Here are borderline cases which I charitably labeled as 'sideways'

As a sidenote, Bloombery today has crashed by over 10%, so basically a return to the bear market. But for this post I will treat as 'sideways'.

 

Notice that two borderline cases among the service sector are part of the PSEi (specifically PLDT and BLOOM). 

Should both fall into the bear market territory this would expand bear markets in the key benchmark to 6.

Because of space constraints I present only two major Non index issues

Again the above reveals of incredible divergences or a parallel universe operating in the PSE!