20080902

The WIG Index has broken out from channel today with big volume and it's close to important resistance of 42500:



The WIG20 Index reached the long-term line:



This week can be very important as we have a chance to reverse a medium-term trend now. If we break the 42500 (and confirm it later) - that could be interpreted as a buy signal. Nevertheless, the move started exactly from 61.8% Fibo (from Jun's top), which does not show much bullishness.
As for now the wide market is still guilty and risky.

The polish mutual funds were reducing their exposure for stocks for last few weeks. This goes for the general investment stocks funds:



and also the pension funds:



The investment funds do not have a choice - they have to sell or buy when requested, however the pension funds are much more autonomous in their business. It looks like pension funds managers lost faith in the Efficient Market Hypothesis and those are first pensions' funds sales since Jul 2007 (Holder news). The mutual funds together have about one third of the market capitalization, thus I will seriously consider their opinion.
(this part is shamelessly stolen from UFO forum (polish))

Sources:
[http://www.holder.com.pl/?grupa=AKP_UN]
[http://www.holder.com.pl/?grupa=SWP_XX]
[http://www.holder.com.pl/fm.shtml?id=4139&fm=11154&c=38275289022 (via Google Language)]