The market is sluggish recently. A lot of companies disclosed a net loss during the first quarter of 2011 due to inflation. Apart from that, I just sighed when I saw Atlas Mining (AT) surge dramatically and Leisure & Reorts World (LR) close at a high of P11.5 today. For Atlas Mning, I was wondering why it's only now that people are making a big fuss over their huge net income. That news was disclosed way way back. In fact, it was the time when I posted my review on Atlas Mining. Due to the low volume and lack of price action at that time, I forgoed AT as being part of my portfolio. As for LR, I sold too early today at an average price of P11.04. Intuition told me to hold on to it and sell tomorrow because its chart looks good. However, when news came out today that LR will be suspended on Wednesday because they failed to submit their 2010 Annual Report on time, I hurriedly locked in on my profits. Boohoo. :(
Since most of the stocks are correcting for the past days, I think I might do some aggressive day trading with any of these stocks: AT, BEL, LR, and ANI. Just buy the dips and sell on strength. Lock on profits within the day. No carry-overs. As for LC, LCB, MA, and MAB, I do hope there is still play on these stocks. Without them, the market is boring. hehe.
As a side note, I am still bullish on Meralco (MER). It has a lot of elements of a symmetrical triangle that will breakout such as a pre-mature breakout, volume decreasing but has spikes, and has been developing the pattern for at least 3 weeks already. Earnings report is quite good too. What do you guys think? :)
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