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Hi DT,
Tuesday, July 15, 2003, 11:40:22 PM, you wrote:
DT> Yuki,
DT> see above the first text of predictions series. Unfortunately time
DT> does not permit a full presentation, I hope to continue ASAP.
DT> Until then, take care
DT> Dimitris
I wonder if you know how much you are appreciated on this list. ^^_^^
Looks like a "sell on the (Intel) news" day in Tokyo. I expected a
flat opening based on the combination of US pullback and the strong
Globex, followed by see-saw trading and probably an uptick into the
close. But we got a fairly good uptick at the open, hit the highs of
the day so far in minutes, and sank like a rock. We are off about 1
percent at the noon hour, with at least three clear morning rally
attempts failing. The PM session can be a whole new ball game of
course, but a lot of intraday technical damage was done this morning,
and it would take some reversal to get much better than a flat close
right now.
Rather surprising, since on top of Intel's news (which isn't really
news of course, but a big sigh of relief), Mr. Greenspan threw a
(green?) spanner (just punning you all) into the bond market last
night, and I suspect it is the suddenly widening yield differential
that has the dollar pounding the yen this morning. Normally that is
going to give exporters like Sony and Nissan, just to name two of
them, a bid, but not so far today. If we close this weak today, the
rally here has probably run out of steam for the summer, I'd say,
unless the US goes berserk to the upside tonight. Volume here is
pulling back as one would expect, but futures are driving the market,
and the volume there is very big. At the moment, futures here are
liquidating, and the market does not expect any upside open in the US
to hold at all.
Best,
Yuki
mailto:yukitaga@xxxxxxxxxxxxx
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