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Don't know what the US holds in store for everyone tonight, but the
Nikkei/Topix was about as ugly as it gets today. What wasn't down 5
percent was down 9 or 10 percent. I only exaggerate slightly. ^_^
Nikkei futures off 600 (!) and the broad-based Topix, which closed at
1105 on Monday (yes, four days ago) closed at 1017 today. Can
anybody say distribution? ^^_^^
Fortunately, I was about as flat as I get. Only thing I had was a
very small piece of a mainline pharmaceutical that lost 2 percent,
but I lost almost nil as it opened almost unchanged, I stepped out
immediately, and re-entered on the close. Baby and bath water, out
the window today. Of course we've been absolutely frothy of late, and
this was an accident just waiting to happen. I was holding the
pharmaceutical only, figuring that the group has just about missed
this entire year's move, and if the froth turned out to have staying
power somebody might decide the group looked cheap -- certainly there
are precious few bargains elsewhere right now. And if the froth was
indeed just that, I knew at least there was no air pocket in that
sector.
I bought 10,000 Nomura (once the world's largest brokerage firm back
in the bubble days) at 1900 last Thursday. I sold it Friday at 1950,
and then watched in absolute horror as it exploded on Monday to close
at 2120 at our lunch break (ugly amount left on the table, but I was
also very aware of the aforementioned froth). It closed today at
1786. ^_- This is *extreme* volatility, folks. That stock as a long
term ATR of about 40.
Yuki
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