Back from a break

Just got back from after an extended break.

I last observed the trading last Thursday (November 29, 2007) wherein the local equities market was surging by around a hundred points before word got out that the Magdalo soldiers walked out of their trial. Within minutes, the selling orders began pouring in and the gains were nearly wiped out as worries surfaced when the soldiers and their supporters (some of them armed) next holed out at the Manila Peninsula Hotel (which was just next to the Philippine Stock Exchange Tower One in Makati.

Last minute buying for the month end window dressing had the market close up by around 40 points.

As we left Makati before one pm, the front of the Manila Peninsula Hotel was already heavily barricaded by police cars. It was also observed that there were a handful of people at the Ninoy Aquino monument. Though elsewhere, everything seemed normal

The incident gave rise to new worries that the recent market performance will be erased specially if it extends and threatens the peace and order situation of the country. Before our flight, the last message we got was that the SWAT team was getting ready to take the hotel.

When we got to our destination, it was a welcome relief that we got word that the incident was already over though there was a curfew that night. The media coverage abroad was sketchy and did not provide details.

And as any stockmarket investor should do during a vacation, I did not worry and did not monitor the market until i got back. We liquidated part of our portfolio (at a slight loss) before leaving so as to have cash when the market goes down further and left part of in in order to be able to ride any recovery.

And today, the recovery was well on its way. Hopefully, this is the year end rally we are expecting.