DJIA and PSEi

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First of all I would like to welcome you to my blog :) Thank you for your time!

This post is being made after the Federal Reserve cut U.S. interest rates.

"The unanimous decision by the central bank's policy-makers took the benchmark federal funds rate, which governs overnight loans between banks, down to 4.75 percent, its lowest since May of last year. The Fed also cut the discount rate it charges for direct loans to banks by a half-point to 5.25 percent." - Mark Felsenthal, Reuters

Before the Philippine Stock Market opened today, everyone had a bullish sentiment and expected breakouts by the stocks they were watching. Some issues did... (NI - with very significant volume; and PX - but it closed on its opening price and volume was not significantly increased)

It is nice to note that although the PSEI moved to form a long white candle - to signify bullishness and possibly a reversal of the trend towards: uptrend; a psychological resistance which was made by the recent rally to 3380 was momentarily touched but PSEI failed to close above it at 3363.

I really would like to keep my very first post short and would like to end it here, so that it would not become a chore to read and hopefully it will be a precedent to my other posts.

I am happy to share with you that as of this writing the Dow Jones is opened higher.

"NEW YORK (Reuters) - Stocks opened higher on Wednesday, extending the previous session's rally, as investors bet a slowing U.S. economy would get a boost from Tuesday's aggressive interest rate cut by the Federal Reserve."

Hopefully this will continue and affect the PSEI positively and propel it above the psychological resistance at 3380 :)

Good luck to all traders!

Thank you again for your time :)

Note: No stock picks or trading diaries presented yet, first time to post - testing the waters; hopefully I can dish out Fearless Forecasts and Shocking Stock picks by next week.

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