Tuesday, November 24, 2009
Japan is Oversold
I expect the Nikkei market to make an attempt at a recovery, it has taken a drubbing over the past couple of weeks while the US, European, and Chinese markets have glided higher. It could provide a sparkplug to the ES futures in overnight trade. It is closing in on the lows that it made in July, around 9000-9200 area. The S&P was trading around 870-890 at the time! So the Nikkei has gotten too cheap relative to the S&P.
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3 comments:
If they have deflation as they're claiming, it's not unusual for their markets to be oversold. But like you, I'm expecting the Hang Seng to either be flat or rally.
the chart for today's equities show one of those hammer things, doji?...and this has been yet another reason for them to wratched it up once again. This technical signal has been a reason, or sign in the past that has been very reliable in this megamove higher, and there is no reason to think it won't play out this time as well (look what happened last friday with the same daily hammer). Markets move to the extreme, always seems to be that way. ...I am expecting a move up as well. I think we are close to a downturn. Put call ratio?
Look at Revlon dawg. rev
Short the shit out of this POS.
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