President Benigno S. Aquino III will convene the Legislative Executive Development Advisory Council (LEDAC) next month where they will be discussing updates on the pending proposed legislative measures and the presentation of the Philippine Development Plan.
In a radio interview over government-run radio station dzRB Radyo ng Bayan, Presidential Deputy Spokesperson Abigail Valte said that part of the agenda in the second LEDAC meeting on July 12 were the updates on the common legislative agenda and the master plan for the country’s development efforts.
“Sa akin pong pagkakaalam ay magkakaroon po ng update doon sa common legislative agenda noong mga miyembro po ng LEDAC at magkakaroon po ng presentation nung Philippine Development Plan,” Valte said.
At present, Valte said, there would be no additional proposed measures to the 19 pending bills but the council would discuss the updates on those submitted during the first LEDAC meeting held last Feb. 27.
During the first LEDAC meeting, the Chief Executive presented 22 priority bills to the members of Congress.
Among the priority bills passed by Congress since the first LEDAC meeting include the postponement of elections in the Autonomous Region in Muslim Mindanao (Armm), the Government-Owned and Controlled Corporations Act of 2011, the extension of the Electric Power Industry Reform Act (Epira) and the removal of the prohibition on night work for women.
How to Read Stock Market Chart
Ascending triangles indicate an upward bias, with a flat top and a se-
ries of higher lows. Generally, the bottom slope of the triangle coincides
with the trend or a trend to be. The example on the soybean chart, coming after an island gap and a gap higher, indicates a very strong upside reaction could occur, which, in fact, did happen. In this case, the market was too impatient to fill in the entire triangle with price action between the flat top resistance line and the upward sloping support line to complete the price action to form the apex of the triangle.
Similarly, the descending triangle indicates a downward bias–a flat
bottom support off which prices bounce for a time and a series of lower
highs that come together into an apex. It also flows with the direction of the
trend or the trend to be.
As a rule, triangles are used as continuation patterns and serve as a
measuring guide for the extent of a move. The length of time it takes the
triangle or congestion area to form is regarded as the distance a market will
move once it breaks out of the triangle pattern. The more powerful break-
outs seem to occur when the triangle does not entirely complete the coil-
ing process to the apex or tip of the triangle–the market appears to be
impatient to advance or continue the move, as with the ascending triangle
on the soybean chart.
If you buy the upside breakout of a symmetrical triangle in an uptrending
market, then you should place a stop below the first low point that estab-
lishes the bottom support line. The reverse is true when you sell a downside
breakout in a downtrend.
Here is a cautionary note: Triangles, just like other techniques, are not
a completely reliable trading pattern. They do have false breakouts, and
traders need to be aware that the longer the triangle takes to form, the less
power the breakout usually has behind it. Generally speaking, based on a
daily chart time frame, triangles can take 6 to 10 trading days or up to 2
weeks to develop, occasionally even longer. They can develop on intraday
charts such as 15-minute and even 60-minute charts, and they can show up
on weekly charts.
Monthly charts occasionally show triangles, but considering the length
of time and rolling out of expired contracts in commodity markets, triangles
are not so prevalent in my research. Due to the difference of seasonal price
pressures on most commodities–harvest supply pressures for agriculture
products, for example–pricing of deferred contracts makes triangles on
monthly charts ineffective, in my opinion.
The value of open interest figures comes from combining them with both
price movement and data from volume to evaluate the condition of the mar-
ket. If there is a price increase on strong volume and open interest increases,
then this is a signal that there is more buying interest that could mean a
continued trend advance. If prices increase but volume stays relatively flat
or declines and open interest declines, then this reflects a weakening mar-
ket condition. This is considered to be a bearish situation because the com-
bination of rising prices and declining open interest indicates that shorts
are covering by buying back their positions rather than new longs entering
the market. That activity would give a trader a clue that there is a potential
trend reversal coming.
It is important to understand the concept of matching price and trad-
ing activity. If you are watching a continuing long-term trend in a futures
contract, whether the direction is up or down, and prices start to fluctuate
with wider than normal daily swings or ranges–that is, extremely volatile
movements–combined with unusually strong volume and a decline in open
interest, you may be in a climaxing market condition and seeing a clue for
a potential major trend reversal coming.
It appears that bond traders who were short threw in the towel by buy-
ing to cover their positions and that the longs took profits by selling out of
their positions. All of this activity would explain the higher than normal vol-
ume. When the longs liquidated their positions, this was reflected by a de-
cline in open interest.
As for the wild price advance, shorts were bailing out of the market
almost in a panic state of mind, and longs were not willing to sell too cheap,
explaining the upward price behavior. These three characteristics are needed
to complete a climaxing top or bottom. Most volume and open interest
followers watch for this setup as a major sell signal. This condition is ex-
actly what happened to the bonds, producing a truly remarkable textbook
sell signal.
These concepts of volume and open interest can help any trader under-
stand the underlying market condition and the current trend. With that in-
formation, you may decide to buy dips instead of selling intraday rallies.
The fact that the exchanges do not publish open interest data for many
markets until the following day at about noon is a problem for analysts. Es-
timated volume figures are available after the markets close but not the ac-
tual numbers. Most financial papers report the information the day after that.
So it is important to know where to get the information faster than by read-
ing it in the newspaper.