Stock investors still jittery. PSEi tests the 3,000 level

The market mirrorred the fall in the USDJIA (down about 120 points) last Friday and the weekend break did not calm nervous investors. The fall in other asian markets also aggravated the situation.
The market gapped down upon the opening bell and immediately broke the 3,100 support level. The downtrend accelerated and created an avalanche of sell-offs.

The days' market - March 5, 2007

PSEi previous close - 3,140.34 (March 2, 2007)

time-----down----------PSEi
9:31-----39.61----------3100.73
9:32-----44.53
9:34-----45.84
9:35-----47.61
9:36-----50.01
9:38-----52.86
9:40-----54.25
9:41-----58.84
9:43-----60.73
9:44-----70.92
9:46-----81.69
9:48-----83.25
9:55-----86.97
9:56-----90.82
9:57-----91.49
9:58-----94.19
10:00---96.36
10:01---99.68

By the first thirty minutes of trading, the market has lopped off 100 points.

10:02---100.96
10:03---103.54
10:04---107.29
10:08---110.92
10:09---113.41
10:11---114.93
10:13---117.07
10:15---117.96
10:16---120.14
10:17---116.37
10;19---120.20
10:24---120.99
10:25---123.77
10:26---123.88
10:27---127.06
10:29---130.81
10:30---132.87
10:32---138.82
10:35---140.14--------3000.20

Another thirty minutes passed and the PSEi tested the key 3,000 level. Another mild wave of selldowns had it dropping lower.

10:36----140.60------2999.74
10:40----141.29
10:45----148.43
10:46----160.88------2979.46
10:47----161.96
10:49----164.76
10:50----165.12
10:53----166.31
10:54----167.37-------2972.97

The market reaches the bottom for the day but the bounceback that was expected was relatively weak.

10:59----161.31
11:02----164.87
11:05----161.74
11:13----153.28
11:14----150.79
11:11----146.37
11:22----148.05
11:26----146.19
11:41----146.20
11:42----142.54
11:45----141.92
11:55----139.12
11:59----136.12
12:01----142.46---------2997.88
Market Close.

The market ended 4.5% lower than Friday's close.

12:02----------------------PhP 48.854 to $ 1.00
---------Nikkei (Japan)----- down 405.42 points
---------HangSeng (HongKong)------down 499.56

All sectors were down.

M-O -10.18%
Property -5.56%
Holdings -4.79%
Industrial -4.63%
Financial -4.29%
Services -3.10%

Decliners 145
Gainers 6

Even as economic managers insist that the fundamentals remain strong, the market fell as emotions led investors to exaggerate the selling mood. (The USDJIA fell just around 1.0% but the PSEi declined more than 4.5%).
This market drop is an opportunity to get into the equities market before it resumes its runup later in the year. Targets and outlook remain the same. Recovery will be seen once investor confidence is restored.

A trading strategy is best suited in this kind of volatile market.