After markets priced in a lot of negative risks at the end of last year, there is some room for relief rallies
if and when things turn out not quite as bad as investors feared, especially on earnings, but caution still prevails amid the multitude of risks.
With relief rallies
across emerging markets and the US, it appears that the market is making a strong attempt at a trend reversal, market analysts said.
Even though a change in trend on the weekly chart may seem far from this point, relief rallies
may take place especially after the index's stability over the 8,000 support level.
Equity and Philippine peso relief rallies
were unambiguous during President Aquino's runaway election victory in 2010 amid global reflation and improving prospects following the 2009 GFC (global financial crisis), Trinidad said.
However, relief rallies
aside, a key feature of David Cameron's longterm campaign was the promise of a referendum on Britain's membership of the European Union by the end of 2017 if he won a majority, despite his own contention that Britain should remain part of the union.
Overall, I think the opportunities to buy 14/15y at more attractive levels are fairly likely to re-appear in the coming weeks, so there is perhaps no need to chase relief rallies
, but rather stick to buy on dips tactics when the yield spikes north of 8.0%.