finding a foothold: market continues to slide

According to the TAs
The market opened today (Feb. 22, 2008) below 3170 and continued to slide. Many TAs (technical analysts) have chosen the level around 3170 as their support level and are convinced that a fall below this will mean that the market will test its previous support close to the 2950 level.


Bearish outlook
More and more brokerages, analysts and columnists seem to be consistent with the opinion that we will see a bearish market up to the end of the first half of the year. The bright side is that I haven't heard anyone project our market posting losses by year end. Everyone seems to be in agreement that the Philippines will weather the global turmoil and come out stronger by the end of this year of the rat.

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