June - July 2012

This may serve as my June and July update since I have been busy at work lately and I don't think I can religiously update this blog regularly (at least bi-monthly).  It is unfortunate that I got busy the same time when the market has corrected, and that I can no longer keep up with the daily monitoring that I got used to for the last 2 years.

ScIoN Fund (mid-long term)

YTD:  +4.28%

Benchmark: +18.5%

The start of the year was great since I was able to outperform the index; however, during the correction last May, I realized that my stops were too low (100 MA) as my paper profits went back to almost zero.    PSE market is still quite shaky these days as I am trying to re-enter.  My portfolio above shows a lot of entries because most of them are test buys.  Only FGEN and CMT seem to show a continuity on its uptrend.

Currently, my portfolio is clearly underperforming; I hope, I can manage to steer it back to beat the benchmark.  Still, the good thing is it is still on the positive.

AJC Fund (short term fund)

YTD (3 months):  -2.59%

Benchmark: -0.70%

AJC Fund is still on the negative although the gap from the benchmark is closer (< 3%) now  than what was last reported (~ 5%).  Both portfolios suffered from the inclusion of Lepanto which backfired when the Mining EO signed by PNoy still gave uncertainty to the mining sector.  

PSE Index Weekly

Looking at the PSEi weekly chart, seems like it is on a positive channel uptrend.  However, note the divergence as revealed in the MACD.  This may indicate that the uptrend is not sustainable; we can expect further consolidation in the future.  Seems like our market will trade at a range for the meantime. Next month would be the so-called ghost month, so it is possible that we may experience further selldowns.  Might be best to stay at the sidelines for now.

January 2012

ScIoN Fund

The following is the composition for my trading portfolio as of Feb 3, 2012:

I am happy to say that except for FDC which I still have a cost at 3.94, all of the other stocks are on a positive.  The Philippine Index is doing good that only a few funds have exceeded its current 8.81% YTD gain.  The ScIoN fund registers 9.01%, just a few notches above the index'.

AJC Fund

Starting this February, I will also hold another portfolio which is being handed over to me by a friend.  He was not able to monitor his stocks and was already around 12% down.  I'll be rebalancing his portfolio which can take a few more trading days to sell the losers and hopefully buy the winners.    He has already lost a total of around Php60,000 and it would be my pleasure to turn this loss into a gain.    We're in a bullish market nowadays, and that's why I'm confident that I can do it! :D

This is his portfolio when it was given to me.  Average price is his cost, while Market price was the current price during that day.



As of Feb 3, 2012,  I have already sold APC@.72 and BEL@4.73.  Bought TA@1.31.

Portfolio down by 0.76% relative to its market value on day 1.

Picks of the Week [August 15 - August 19]

Didn't blog the pats 2 weeks since I got busy with midterm exams.  August has been thought of being a bad month for stocks due to the "ghost month" effect which is predominantly a Chinese belief.   Seems like it was true enough as global markets plummeted just as the PSEi have just reached its historical high.

At the end of the 2nd week, I am very much glad that my portfolio went back up to my normal levels of paper profits.  This is all thanks to mining c/o LC and PX albeit being just a minor portion of my portfolio (at around 10% each).  I am still bullish with my current holdings, what worries me is my UITF which suffered greatly during the crash.  Technically, I should have cut my losses at this point, however, there seems to be a chance that it could also recoup its losses within the month.  Right now, it is still only the Philippine mining sector that makes the market alive.  Once the property sector kicks in, then the bullish party is on.

What is my pick for the week?  Most probably mining.

Picks Of the Week [July 18- July22]

Last week, the PSEi opened lower for the first 2 days before shooting back up towards a new high on the last day.  Truly, I did enter into UITF Equities on a high price, but with the confirmed bullish momentum, I still feel safe and now am glad that my portfolio is already all green.  As the index is now on a new trend, I just hope it wouldn't just float sideways.

I may be busy this week and with my current holdings divided into a number of stocks, I will only concentrate on shifting my funds to the winners (those showing good positive trends).  Seems like 3rd liners are keeping the market afloat, with different kinds of news on backdoor listings.  I now keep my watch on just 1 stock this week, namely ALCO.

As shown in the Force index, there have been significant interest on this stock last Friday, breaking out from the kumo with considerable volume and a bought up price.  Big caution though, since this stock is most probably heavily jockeyed.  This is more of a short-term play, to take advantage of spiked price trades.

Good luck!

Picks of the Week [July 11-July 15]

 

I am now in the 2nd phase of my investment experiment involving the timing of the market via the use of Equity Fund investments.  1st phase was to identify and confirm that the market is on its bullish state. 

The Strong Buy indicator pointed around 5 days ago, however it took a day of hesitation plus another day to withdraw my Money Market funds before finally shifting it to Equity Fund.  The delays led me into buying at a high.

Hopefully the trend is truly bullish for at least a month (of course the longer the better) in order for me to gain.  The latest candlestick may indicate a bullish inverted hammer, which requires higher prices than today's close at 4391.  So far, Equity Fund is at -0.50%.

Right now, I am 70% invested on Equities.  With the recent bailout of Greece (although temporarily as it is also seen as a soft default) and good jobs numbers in the US, I hope next week would be another green week.  Unfortunately, as of this writing, DOW is -.97%.  Probably it is the long due correction, and the PSEi would just mind its own business.

The Philippines' business climate is rosy as ever, with favorable credit ratings (already near investment grade) and looking forward to earnings releases, these should be enough to drive the market up high.  The minor bottleneck regarding foreign ownership ratios on some companies have been resolved through PLDT's issuance of voting preferred shares.

As for my trading plan for the week (involving current holdings):

Strong Buys would be FDC and TA which I would buy on dips (5 and 1.11 respectively).

On my watchlist is ELI due to its very huge volume buy today.  If ever it gets to dip at its major SPT at .73, it would be worth looking for a buy.

June 2011 Performance

June was a rollercoaster ride as stocks went down then came back up, retracing from a slightly downward channel.  Cash out profits actually came from cash dividends based on May's ex-dates.   Good thing these dividends were bigger than my losses for the month of June.  These losses primarily were due to AT.  Ironically, it was a bear trap as AT bullied itself through becoming one of the current flavors in the market nowadays.  I nearly did the same thing with PX, fortunately I wasn't that fast enough to cut my losses yet.  PX and AT rose and broke some new highs at the end of this month.

Halfway through the month, my portfolio was at a negative diminishing all gains up to the beginning of the year.  Thankfully, there was a technical rebound bringing back my gains; and hopefully, creating a new bull session after breaking out of the channel.

My portfolio grew around 2.11% from last month, lower from May's performance of 6% (best month so far).  Anyway, a gain is a gain.

My YTD (Year to date) performance compared to the PSEindex and my mutual fund (ATR Kim Eng) is as follows:
ScIoN Fund:   4.92%
PSE Index:      1.15%
ATR KimEng: 0.61%

Pretty much very nice to see since I could somewhat say I have "beaten the market"... for now. :D  But I do know a lot more people who has more impressive portfolio gains ranging from the 20s up to near 100% gain (undiversified).

My current portfolio composition:

June
AP	22.9%
FDC	12.7%
TA	9.4%
LC	8.9%
PX	8.7%
URC	6.4%
LPZ	6.3%
MPI	3.5%
OV	3.5%
SCC	3.3%
Exposure	85.8%

As for Sector composition:
Oil & Energy: 39.09%
Mining: 17.68%
Holdings: 22.5%
Food: 6.4%
Cash: 14.2%

Picks of the Week [July 4-July 8]

Next week's going to be exciting!  Take a look at the chart below:


Breakout!! :D
1.) Above MACD zero signal line
2.) Both above sideways and immediate down trend channel
3.) Kichou span cross signaling a strong BUY
4.) Senkou span cross (leading signal)
5.) Prices trading above moving Averages. 

Perfect!
The problem is, I need to enter my funds ASAP into the BDO Equity Fund before momentum dries out.  Might take 2 days delay. :(

As for my picks next week, there are lots of them:
1.) MPI - Took profits at 3.69 but I plan to buy back for some more. :D
2.) EDC - entered earlier and my selling bids got hit.  With the strong volume earlier, this is a good re-buy.
3.) TA - a strong finish yesterday, too bad I didn't exceed my selling bid, but still I got some profit for around 12% gain.  Will buy more ammo for this one as I consider this among my core stocks.
4.) PX - another core stock, currently doing a parabolic rise.  I don't even know when to sell!  Instead, I plan to add more.
5.) GERI - Interesting volume today and a kumo breakout.  Will consider this stock once the dust clears.  (I am holding 10 stocks which is already time-consuming to manage).

Waiting for the Bull [June 27-July 1]

I guess "pick of the week"s (POWs), which are heavily based on Technical analysis, are effective only on a bullish market since all you have to do is pick the fastest horse.  As for a sideways market, anything goes.  Fundamental analysis is still champion.  And of course on a down market, just avoid, take profits and cash out.

I'm around 20% cash right now, waiting for confirmation of a bull market.  Right now, prices seem to be near resistance and I hope it will break.  I'm waiting at around 4340 before I go bullish.  Still thinking if I'm willing to put 90% of my assets into equities by then.

This week, stellar performance shown by the mining sector, especially AT and PX.  Too bad I got out with AT with a loss, good thing I still have my PX.  Seems like one can't be wrong with a long position in mining.

Picks of the Week [June 21-June 24]

This week's a short one due to today's holiday with respect to the Philippines' National Hero, Dr. Jose Rizal on his 150th birthday.  I wouldn't mind the short trading time since the market is still on sideways anyway.

I am still guarding in on my current holdings, not being able to check a lot of stock charts for this week.  The stock that I have that seems to have potential in going up would be AP as evidenced by the strong close last Friday.

Investors should be wary though, since this may only be temporary especially when forced closings are not sustainable.  But looking on Friday's data, S.B. Securities and DBP-Daiwa were responsible from the sudden jump of the stock's prices, considerably with volume.  I see this as a bullish sign.  Interestingly, DBP-Daiwa seems to be shifting its funds to AP and SCC, both of which I have.

*  I am happy to discover ChartNexus which offers its charting software for free, with PSE data also available.  If only its add-on, XpertTrader is also free, then I would be able to automate my trading system. hehehe

Picks of the Week [June 13-June 17]

The Market still does not seem good especially with the near-200 hundred drop in DOW at the end of this week.  PSEi might follow suit and break the support at 4180.

Last week's pick did not fare well as AT touched support at 16.9.  I have to cut my losses on this stock, unless it suddenly goes up on Monday.  Volume on Wednesday shows that sellers might still follow through.

I am sort of bearish since last week, but I have noticed MER's technicals to be good.  MACD buy signal plus a cross on 20SMA over 50SMA confirming the up trend.  There have been news reports about a possible joint project with one of Warren Buffet's investment firms regarding LNG (Liquefied Natural Gas).  Some developments regarding increase of rates and decrease in fees might have helped in making the prices go up.  I tried entering last week at 266, but couldn't catch up as it went straight to 279.  Will wait further on dips at 272.4.

Picks of the Week [June 6-June 10]

Last week, my sole pick was PX for the continuation of the mining play and for the PPC dividend, a way of listing by introduction of Philex Petroleum.  I did buy PX on the first 2 days of the week, doubling my position in the process.    PX prices was volatile as it reached a low of 20 to a high of 21.75.  Closing price was at 20.45, a bit lower than my average cost at 20.58.  21.75 can be set as a Resistance for now, and I aim to unload some shares near that price.

As the PSEi only shows a sideways trend, with current prices seem to be correcting, I am looking to sell most of my current holdings.  Selling at strength, to protect and to realize profits.  If ever the index breaks that range resistance, then I'm definitely putting up all of my other cash into BDO's Equity fund. :D

On the weekly charts, AT seems to be this week's top pick due to the BUY signal generated from its MACD oscillator.  Its immediate RST at 18.2 may be hurdled upon for a breakout.  Not to be outdone by the mining trio, PX/LC/MA which had gained a lot these past few weeks,  AT has a story of its own in the name of the Berong Nickel mines.

Bumpy Ride Ahead

 From now on, I shall classify my holdings accdg to my investment plans.
Yesterday and today was bloody as hell.  I wasn't able to monitor today as I went out to play tennis instead hehe.  PSEi now in almost flat 4000.

Core (Long term)
AP - based on the latest candlestick, it might go down more.  RSI shows nearing oversold conditions.  Trade for profit at 28.76?
EDC - Range trading for now. 
AMC - I rarely monitor this hehe.

Momentum
AGI - If it shows strength tomorrow, it should be a good sign as it would bounce from its lowest RSI, and will confirm reversal, based on the hammer candlestick.
DMC - Break down.  May still continue descent until it gets oversold.
MPI - Must remain above its support at 3.86

watchlist
SCC -  buy at 180.  Bounce back at 178.
LND - buy at 1.46.  Stop at 1.26

The Year 2010

I have been interested on equities ever since I was an undergrad, but it was only until 5 months ago that I have started actual trading.   Before, I was only into speculative trading (during the time of Pan Xenia's Stock Wars and up to my daily stock-trading simulations at work while I was in Japan).  Now that I have invested real money, I try to study technical analysis and monitor the market, gathering tips/rumors from other fellow traders online to help manage my trades. 

Below is the 1 year chart for the PSE index: (credit: ATR Kim Eng)

As can be seen on the graph, 2010 in general has been on the uptrend.  The steepest rise was on September to the beginning of November.  My first trade was only on July 20.  I had been in the Philippines since February, but I had just procrastinated opening an account with Citiseconline.  In fact, I had been procrastinating for more than a year now, even while I was having my short Xmas vacations in the Philippines.  The subprime crash of 2008 had already ended, and it could have been a good time to invest on equities at the start of 2009.

Anyway, going back to the PSEi, the index performed a year-to-date gain of 37.62%.  The index is composed mostly by blue chip companies and other sectoral representatives that could best describe total market performance in the Philippines. 

Since I have only started 5 months ago, I should compare my performance to at least the 6 month gain of the PSEi which is at 24.56%.  The goal of an equity trader is to beat the market, meaning to have higher gains compared that to the index or to any other Mutual fund available.  ATR Kim Eng's Equity fund, which I also have since Dec 2007, reports a YTD (2010) gain of 51.75% (wow!) or a 6 month performance of 26.55%, still higher than the index.

Given the above figures, my performance then shows a dismal rate at only 13.24%.  Actual profit gains (cash outs) are at 12.28%.  Despite the relative low performance, I should bear in mind that my investment cost wasn't all the same from the start.  In fact, I had more than doubled the investment at the 3rd month, which was already too late for the bull run; thus, in effect only diluted the figures.  My computation for my equity performance is basically just dividing the current equity value (or cash outs) divided by the total cost of investment, regardless of the time of additional entry.

Anyway, I would still like to stick with the current figures as my YTD performance, to encourage me more to surpass these levels next year.  These first few months in trading serves as a test-run for my trading system, considering that I am also now doing full time in graduate studies.  At least now, I am able to understand and feel the market; hopefully, leading me on to wiser trades on the following months.

As part of my year-end analysis, I shall list down what I had experienced below:
1.) I started as a short term trader, being able to monitor the market daily, as a bum (not working, but waiting until classes start).  As soon as classes have started, and going on from midterms to finals, I was no longer able to religiously monitor the market.  Thus, I have decided to shift from being a short term trader to a mid-term/long term.  Doing short-term trading while not being able to monitor the market daily would only lead me to losses and/or missing out on swings.

2.) I still have problems in cutting my losses, always hoping that stocks would rebound in a while.  Quite easy on a bull run, but bulls aren't always there.  I have experienced this during the market correction last Nov-Dec, losing around 17% from URC and 9% from DGTL.  If only I was able to define my stops (i.e. -8% in 1 month), then I would have managed to reduce my losses.

3.) I am still practicing with Fundamental and Technical Analyses.  Before I enter a stock, I should at least have studied it well.  "Trade with a Plan".

...
Others to follow.

Major Shakeout

The market had experienced a major shakeout today as most stock prices had a gap up during opening then suddenly lowered down in the middle.  It was supposed to be a good time to buy stocks but the bearish people (me included) are already scared to re-enter the market immediately.  Apparently, prices went back up for some strong stocks but was not able to continue breaking the 4k mark on the PSEi.

Perhaps there was a rush to break the 4k mark for the PSEi, and then people decided to take in profits which eventually led to the index's momentary fall.

I still feel strong for my SCC despite being shaken down to 134.  It's good to note that it has taken back its position closing at 139 (at least) for 14% of today's volume trade.   A bit of a warning though for SCC, as it nearly showed a bearish engulfing signal.  MACD also registered lower divergence.  The crossing and positive divergence remains to be good for the stock, so it's a make or break.up:gucci bags

I was able to enter FGEN during the dip as it reached my first signal buy of 12.5, considering the gap up at the opening. In hindsight, re-entering EDC @1.4, even @1.32 could have been better.  It seems I have been to pre-occupired by the shakeout and fear got me.  Anyway, fundamentally, FGEN could be better since it still has a long way to go towards its target price at 19; as compared to EDC's 7.54 (COL).

DOW-J is currently positive (+30) as of this writing.  I honestly don't know what to do now, but for now I guess holding would be a good decision.  I really need to fix my schedule (trading, tutoring and studying).

PD:
50% cash
40% SCC
10% FGEN

SCC, Good to Go, Sir!

With a DOW-J closing at +48 last weekend, PSEi has been on an extended rally and remains bullish until now.  Index gained 70pts today and is already near the 4000 mark.  This can be easily broken by tomorrow as the Philippine stock market is currently enjoying a positive momentum.up:gucci handbags

MEG is a strong winner today, having its stock and 2 warrants included in the top10 gainers.  I saw MEGW2 bottom out at 1.10 this morning, too bad I wasn't ready to enter into new grounds yet.  MEGW1 and MEGW2 closed at 1.3x levels while MEG is strong at 2.3.

I have been busy handling my 2 stocks this morning: SCC and EDC.  EDC had a gap up from 5.26 to 5.31 until its ascent to 5.47.  As soon as I sensed the decline of prices, I was able to sell my shares @5.44 (9:44am) having a favorable 10.26% net profit.  A shakeout occurred making EDC reach 3.35 before going back up again towards the end, closing at 5.5.

I plan to re-enter in EDC allotting 25% @5.34 and 50% @5.27.  Buy during 10am onwards.

I remain bullish with my SCC despite having a shakeout with the price dipping towards 137.  During the shakeout, I was able to buy 60 shares at the first drop at 140, then another 40 shares at 137.  At around 1030am, it went regaining back up to the close at 141.9.

I am hoping for a gap up tomorrow, as the MACD signals a buy for SCC.  Will see if it could breach the 145 mark by tomorrow.  I plan to sell my first 200 shares at around 145, then re-enter at 136, if able.

Let's Play ALI

ALI has been good to me ever since I have started trading, always welcoming me with profits.  ALI has also been quite a tease pushing and pulling the PSE index with its high-low combinations on its closing prices.up:gucci bags

Just recently last week, ALI jumped on the close from 18 to 18.7; too bad my shares got bitten as it was sold at 18.  I now plan my re-entry as I expect it to open at a lower price again, just like what happened last time.

20% is allotted at 17.4
30% on 17.16
50% on 16.8
increase buying below 16.8 with an immediate support at 16.2

Buying on the 16.xx level is good since TP from COL is at 19.75 (as of 9/8/10).

The Magic of ALI

A few weeks ago, ALI had a "super discount sale" ,  rumored to be due to human error from a broker at ATR.  Stocks were sold @14, 2 Pesos lower from the ongoing price at around 16 per share.  PSE index had a major pulldown that day because of ALI.  Eventually, ALI pulled back up the following day when it was traded at around 15 during the opening (and even rose further upwards).

After trading back at "normal" levels, ALI had been silently moving towards its upward direction.  Thinking that I should move in back to property stocks, I was able to reposition myself with ALI, albeit on a slightly earlier time.

And so I was a bit sad realizing that I still need to practice more on my buy and sell indicators/strategy.  Since I didn't expect ALI to bounce back upwards as it is still on its RSI high, I had just been monitoring my EDC shares hoping to find a good exit.


My dental appointment was scheduled on this day, so I had no choice but to leave my stocks and hope that nothing bad would happen abruptly.  Today was also a tennis day for me and my friend, so I was only able to go home at around 5pm.

Lo and behold!  I got amazed that ALI had been traded at 18 during closing!  This gives me around 7% paper gain in only 1 day!  And since my picking of ALI yesterday was based mainly on my decision, I felt proud of myself.  (But I think it's really just luck! hehe)up:gucci handbags

BUT... one should not count the golden eggs yet, as this is still just a paper gain.  Going back to the Time Sales, I found out that ALI was trading at 16.9 then jumped to 18 at the close.  The trade started with a cross-sale within S.B. Securities, then lots of brokers participated in the killing.  DBP-Daiwa bought solidly while ATR had cross trades in the millions.

This is a very interesting sight for me, since I still have my shares with me.  The big question is, could I be able to sell at the 18.xx price point?  Target: Lock in on profits, sell @18!

Market Correction, Rolando Mendoza And the ALI Super Sale

Yesterday's tourist bus hostage taking crisis brought about by former police Sr. Inspector Rolando Mendoza, has put the Philippines into the limelight on World News.  It is on a sad note that the situation ended into a tragedy.up:gucci bags

The market closed 82.74 points lower from last time,  a change of -2.29%.  Market consolidation had been expected this week due to having stocks on already overbought conditions.  Alongside with the recent bad news that had happened in the Philippines, most investors either sold down their shares or just took hold, bringing down most stocks into the red.  Market was down 36 points so far...

The big drop came from an unexpected move from broker ATR Kim Eng.  At around 11:54 pm, just minutes away to closing, ALI was still selling @16.08 when suddenly ATR began unloading @14!  1.4 Million shares of ALI had been sold during the pre-close period, an uneventful 15.25% loss for ALI shareholders.  Since ALI is included in the index, this brought about the remaining 40+ points down on PSEi.

The mystery behind this sale is that ALI is a well-performing stock, why sell at a loss?  Fundamentals are strong for most of the property stocks, it is expected that ALI would regain back to the top.  Lucky then for those who were able to buy at such a bargain.

One major theory on this sale is that it was a boo-boo on ATR's part.  With the new PSE trading system, the trader might have pushed the wrong buttons.  Instead of posting a buy, they posted a sale instead.  A costly mistake if ever it was true.

It's a good thing I have already sold my ALI after holding it for a month.  What worries me a bit is on ATR since I have a Mutual Fund (Equity) account with them.  And so I wonder, what the real story is behind the sale.

Foreign Investments in the Philippine Stock Market

Common PSE traders usually standby for the results on the US charts (DOW-J) to further anticipate what may happen in the next day's trading.  Just like what happened on 8/12, a drop on the DOW-J resulted to PSEI going down. 

PSEi 3,483.02     -39.70 pts.    (-1.13%)
Value Traded: Php 3.65B

Dow Jones  10,378.83   -265.42 pts. (-2.49%)

Yesterday's result was interesting.  Despite a drop  in the DOW-J, PSEi instead pushed further and is now on its highest level coming back from the 2007 crisis.  (On Aug 10, 2007 , the market closed at 3,525.81 before it came down crashing)

PSEi 3,593.60  +33.21 ( 0.93%)
Value Traded: Php 4.9B
Dow Jones 10,271.21 -144.33 (-1.39%)

The US Market has been lying low these past weeks due to some renewed recession fears.  The gain now in the PSEi is attributed to the influx of foreign investors in our market, shifting their hold to one of the best performing markets in Asia. 

I was among those who sold stocks near the opening due to the fear of the "DOW effect".  Stocks indeed dropped at the opening but eventually pulled back up at around 10am, even closing in the positive.up:gucci handbags

MPI Bought on 8/10 @ 3.03

 

chart from pse.com.ph

On 8/10, the stock opened at 3.06, bought my shares at 3.03, before going down to 2.98.  This was again a buy signal from Tsupitero.com with MPI having a sideways to up trend.  Later on DS of FM had this listed on his top 5 picks for the week.  According to DS, "MPI had a core 1H net income of 1.9B was 2.7X of 2009 income Php 716M attributable to Meralco and Maynilad contribution."

Considering the negative sentiment brought about by the drop in DOW last 8/12, MPI dropped only a bit to 2.91.  The next day was a turnaround as it began its up trend leading to today's high at 3.43.

Since MPI is now on a safe zone for me, I am now eyeing when to exit.  As seen on the RSI chart above, it has now reached 77 indicating overbought conditions.  Likely, it will consolidate soon to a new low.  I plan to sell it ASAP tomorrow while it's high.up:gucci bags

As of 8/19
close: 3.42
EMA: 3.03
RSI: 77.155

Target exit price: 3.45

Update:  on 8/20, with the drop in DOW, I sort of panicked and wanted to sell ASAP before prices go way down.  Sold my shares at the opening @3.37, a cut profit with 11.22%.
Interesting turn of events.  From a low of 3.34, it eventually pulled back up to a high of 3.46.  The whole PSE Index was even on the green.