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I call this the "Golden Gate" formation. ^_^ The US 'CAJ' does not
look as bad (has not penetrated the 200 SMA there yet, while it has
plunged right through here, the 200 SMA here is now about 5,065, and
we have sliced that like a hot knife through butter).
Fundamentally, this is the company we all want to own anytime the
price is right. This is a money machine (record quarter after record
quarter), and one of the few Japanese companies that has anything
even close to US-style ROE (in the low teens, compared with really
ugly single-digit numbers for many others in Japan). If they made
cars, this would be Toyota.
Someplace around here, it's a very good buy I think. But the market
is telling us something. What I suspect it's telling us is that very
serious hard times may be dead ahead for the dollar. Canon gets a
large percentage of its profit from North America.
BTW, the green bars on the chart are 52-week highs, to give you some
perspective about where this has been in the past and over what time
frames.
Yuki
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