great news about our GDP makes me put my foot in my mouth

The market went up today when I thought it would go down. I was wrong, but not entirely I think. With so much good news, we only went up by around 28 points. That's got to be a sign of downward pressure.

Foot in mouth
My gut feel was that the recent 3 day rally was over. I took a peek at the market and then politely put my foot in my mouth. I was looking at the numbers last night and really thought we'd see some negative movement today. I even blogged about a ending rally. tsk tsk tsk.

The good news for the day
Here came the news of 7.3% GDP growth for the Philippines in 2007. It was the highest in 31 years. In addition, we just saw the BSP cut interest rates by .25 basis points and the new numbers indicating 9% year on year money supply growth last december.

Why only a tiny rise?
So, all this good news couldn't help but push the market up. But why did the PSEi go up by so little? I think its a clear sign of downward pressure. The market went up for the sixth time in the last seven trading days. To me that means we're due for a few down sessions. The age old conventional wisdom that what comes up, must come down never gets old.

With that, I'm happy to have sold a bit today. I wouldn't be surprised if we see another test of support at 2900 next week.

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