MARKET HEADLINE: SHORT SELLING BY OCTOBER

PXP Energy Corporation
This is definitely still bullish with stronger volume today than the previous days. Could test/break it's most recent highs.

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Seems there is foreign-buying going-on.

They must be accumulating slowly while the small fish sell.

#Abangan
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I think it would be safe to do the opposite of what First MetroSec is doing. They seem to be wanting to lose money in $PXP all the time. Buy High then Sell Low then Buy High then Sell Low.

dancing man
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Remember, it is no longer a matter of 'IF".... because it is really happening.

It is only a matter of "when"... and so the ones that will hold will benefit the most.
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We, by now, should know what to do when the COLBoys do some panic-selling.
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http://opinion.inquirer.net/112529/joint...pipe-dream

Quote:Last March, after his bilateral meeting with Cayetano in Beijing, China’s Foreign Minister Wang Yi said the two countries would advance cooperation on offshore oil and gas exploration in the contested areas in a “prudent and steady way,” which is the diplomatic way of saying that the arrangement is a long shot.
This is China’s standard approach in everything that pertains to the South China Sea. For example, in the crafting of the much-ballyhooed Code of Conduct (COC) on the South China Sea, China has consistently said it would agree to the adoption of such an accord with the Association of Southeast Asian Nations (Asean).
China made this commitment in 2012, and in the Asean Summit in Manila in 2017 it signed a framework for the adoption of the COC with a one-year timetable for the final signing of the accord.
Yet up to now the COC is still in limbo, and Singapore, which is chairing Asean this year, has said that it would take years before such an accord could be signed, all because China has engaged in diplomatic maneuverings to delay its completion.
This is exactly what is going to happen with the supposed joint oil exploration project about which Cayetano is euphoric, because of some serious legal concerns.
Acting Chief Justice Antonio Carpio has been unequivocal in saying that such an arrangement with China would violate our Constitution. Carpio cites the constitutional provision that the state shall protect its marine wealth in its exclusive economic zone and reserve its use and enjoyment exclusively for Filipino citizens.

Philippine sovereignty over the contested areas has also been recognized by the Permanent Court of Arbitration in The Hague, in its ruling in July 2016. China must first recognize this sovereignty before any joint undertaking can be done, Carpio said.
But will China agree to this? Absolutely not, for two reasons: 1) it does not recognize the arbitral court ruling; and 2) Xi himself has said that almost the entire South China Sea has been part of China “since
ancient times” and that it is China’s “bounden duty” to uphold its sovereignty in the disputed territory.
That is precisely why China’s foreign minister has called for “prudence” in working on any joint oil exploration. And this is what Cayetano should do: He should exercise prudence and restraint in issuing statements regarding this proposed joint project.
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Unfortunately, this new conflict with China regarding military planes landing in their bases will take another toll on $PXP. This created a "lower high" due to the failure to break its recent highs. Expect this to weaken until any CONCRETE news comes out. #CAVEAT
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Technically, it does not look good because of the failed attempt to go higher. Going to Php9.00 is still a possibility. #StaySafe #Caveat

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No concrete news or updates or even plans regarding the joint oil exploration means that $PXP could go back to its previous lows and settle at Php10.00 #Caveat
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3-2

Palace: 2 S. China Sea areas considered for joint exploration with China

MANILA - Malacañang on Friday said the Philippines is considering at least two areas in the South China Sea for possible joint exploration with China.

Presidential Spokesperson Harry Roque said Service Contracts (SC) 57 and 72 are being considered for joint exploration “by corporations and not by sovereign states.”

“We are still in the process of negotiating with China,” Roque said of the two SCs in a news conference in Tarlac.

Despite conflicting claims in the South China Sea, the Philippines and China have been open to conducting joint explorations in the disputed waters, setting aside a 2016 international tribunal ruling that invalidated Beijing’s expansive nine-dash line claim to the sea.

A joint exploration, however, is seen as a sensitive undertaking as it could be construed as legitimizing the other side’s claim.

Duterte’s predecessor, Benigno Aquino III, had shunned any joint exploration with China during his time, saying Beijing wanted the Philippines to play by its rules.

Roque said SC 57 is much easier to implement as there is no sovereignty issue there. SC 57 covers offshore Northwest Palawan or west of the Calamian islands.

SC 57 has been pending since 2005 and has been delayed due to administrative issues. According to the contract, state-run China National Offshore Oil Company (CNOOC) farmed-in into SC 57 in 2006 acquiring 51 percent participating interest.

The other firms involved in the project are state-run Philippine National Oil Company - Exploration Corporation and Mitra Energy Ltd (now Jadestone Energy Inc).

The deed of assignment to formalize its entry has yet to be signed by the President.

SC 72, which covers Reed Bank, on the other hand, is also located within the 200-nautical mile (370-km) exclusive economic zone of the Philippines, but it rests in a portion of the sea being claimed by China.

Philippine oil and gas firm PXP Energy Corp, formerly Philex Petroleum, has a 70 percent interest through its Forum Energy subsidiary in the Reed Bank project.

Discussions on SC 72 hit a snag after Aquino questioned the basis of China's claims before an international arbitration court in January 2013, a case that Manila won shortly after he relinquished power to Duterte in July 2016.

Duterte refused to flaunt the ruling, choosing instead to repair diplomatic and economic ties with Beijing as he shifted foreign policy away from Manila's traditional ally, Washington. 


source: http://news.abs-cbn.com/news/03/02/18/pa...with-china
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