I have to give Team Viagra credit.
They have been so admirably well coordinated, and most importantly very persistent and audacious, such that they have desperately been engaged in serial panic buying mode similar to...
a shark feeding frenzy ....(from CNN)
or like...
zombies scaling up the Jerusalem’s Wall at World War Z
Perhaps they believe that the Phisix will hit 10,000 in a few months.
The video and portrait above ironically I showed in September 2014. Apparently history rhymes
Today’s slight profit taking was entirely reversed at the closing bell or during the market intervention period. The Phisix was pumped by .32% to close the day in green!!!
In short, 100% of today’s gains came from marking the close pump! So this week's .73% gain has mostly been about manipulation
No profit taking is allowed.
For Team Viagra, the Phisix will GO STRAIGHT UP like a Rocket Blast! And they will do whatever it takes including the sustained defiance of the SEC's mandate.
Except for the mines and the holding sector, last minute pump was seen in four industries: financial, property and commercial industrial
And 5 issues representing these sectors had been used in the seemingly orchestrated pump
It is interesting to observe that this week’s pumping action has shifted from the top 5 biggest to the next largest issues. Based on weekly performance, the leaders have given way to the supporting teammates mostly from the top 12. Last week's best performers can be seen here or in my post here.
In short, Team Viagra appears to have used rotation to pump the index!
Team Viagra seem to believe that the stock market is all about pumping and pushing with fundamentals irrelevant to its significance or to its existence
And similar to the price inflation, the PERs of the PSEi members have vaulted higher from the bidding fear of missing out spree!
The most popular issues have traded with TTM PERs at a stunning 20+,30+, 40+!
Yet Team Viagra believes that such levels are cheap and that 50s ,60s, 70s or even 100s would really make no difference!
Consider SM. This week SM, the PSEi's biggest market cap, closed unchanged. But the firm's PER surged 3.4% which to my guess reveals of last year’s ZERO growth!
This means none of this has been about G-R-O-W-T-H but rather about multiple expansions or manic speculations! Or put differently, rabid pumping in the hope that some greater fool out there will be takers at 50,60,70+ PERs! (Of course such has more than just been about greater fools but about the politically correct image called G-R-O-W-T-H! And G-R-O-W-T-H means free access to the public's money)
Nonetheless, even when the PSEi has still been off the May 2013 highs and 9.4% away from the April 2015 record, already FOUR issues within the top 12 biggest market cap have now closed at fresh records. The four issues: SM, AEV, GTCAP and JGS.
This serves as testament to the concentration of buying activities--all designed to buoy the index.
Moreover, given that SM's share price has been static this week, the rotational pump has shifted to subsidiaries SMPH and BDO. So SMPH now drifts at a stone’s throw from a new record while BDO continues to ascend.
And the reason these issues have been at record highs has been about the ferocity of the pump as seen via the vertical launch or World War Z's zombies!
And JGS should be a wonderful embodiment of current events which serves as my chart of the week…
JGS' chart has gone totally vertical! (Remember BW??? If JGS continues with this then it will be like BW)
And never in JGS' history has this ever happened.Not even during the previous breakouts.
So This Time MUST be Different!!!
....
Or not!!!!
Rampant Marking the close Only in the Philippines!
Charts and table from Bloomberg, PSE, technistock and colfinancial.
No comments:
Post a Comment