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Yuki, as a trader I wouldn't initiate a long position in Canon until
it bounces off the 200 day ma (not far away)
The Nikkei is tanking again. The Dow Nas and SP500 broke down today
through their 50 day ma, and up trend lines, WITHOUT an eod rally,
IBM had the 20 day cross down through the 50 day, we just arrested 48
traders for fraud etc etc etc...It is ugly out there....
Why don't you just cuddle up to a couple stacks of hundred dollar
bills and call it a day!
I am short a semi stock, balance in cash.
Regards and Good luck whatever you decide
Jim
--- In amibroker@xxxxxxxxxxxxxxx, Yuki Taga <yukitaga@xxxx> wrote:
> Anybody have a technical opinion on this puppy? I am looking for an
> intermediate (3-4 month) position in here somewhere. Am I nuts? (At
> the moment I might be, since I'm looking at a falling dagger, but I
> have not taken a position yet.) But we are fast approaching the
> AFCSI Zone, (see chart) and I'm beginning to drool a bit. Thing is,
> AFCSI is the bottom of a rather clearly defined handle on a rather
> clearly defined classic C&H that took about 4 months to form from
> very late '03 through the beginning of the chart you see. It's not
> exactly rock-solid looking there, and a violation of that handle
> might spark a mini panic.
>
> 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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