Tuesday, September 8, 2009

Selling MEG at 1.52, ALL IN on CHIB

My Stop loss for MEG was supposed to be 1.50, however as of this writing there is a high possibility that it will move back below 1.50 in the coming days. DJIA is up today, however; for some reason, traders are selling which, caused the PSEi to drop as of 10:57AM September 09, 2009.

Yesterday, I've sold all my long term stocks and went all in on China Banking Corporation (CHIB) and SM Development Corporation(SMDC).

I'm averaging CHIB at 402 per share. I was not expecting for the PSEi to drop, it's just that out of all my bets CHIB is the winner, not to mention the cash and stock dividends. So I got lucky yesterday.

As for SMDC, my strategy is to buy one board lot per month. Since, SM Condos are very affordable, with a good location and relative to its price, have a good quality also. Further, condo brokers do not have a hard time selling SMDC units.

Currently, I sold all my short term stocks, I'm looking for MEG alternatives (waiting for the next MEG buying opportunity), one of which is Philweb Corporation (WEB). WEB however, would never be a long term stock for me, since their main business is online gambling. (I for one tried to get a license, however there's already a Philweb gaming on my street.) Further, there are rumors that Manila City, will no longer allow online gambling, I do not know if this ordinance was pushed through, but still, the laws for online gambling is difficult to predict, in my opinion.

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