US Markets closed very strong last night. I also looked into EPHE and PHI before sleeping and saw that they were also strong… expected a strong market today. I’m not sure though but it looks like some index stocks didn’t close good today.
Anyway, one of the things I look to filter out stocks is to perform a relative strength scan. This scan compares the strength of a stock relative to its peers in the PSEi. Part of my trading philosophy is to buy strength and sell weakness.
In my post last night, BEL was still the strongest stock in the PSEi. Ms. Market confirmed it today! Of course I followed my rules as it broke 5. Unfortunately, it closed below that! It would have been better if BEL closed above 5 as 5 is a round number resistance.
On the side note, My haka haka tells me that Odyssey High Conviction fund is accumulating BEL. :)
Bought 30% more today at 5.01. Let’s see how it performs in the coming weeks. :D