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Hi DIMITRIS,
Monday, November 8, 2004, 6:13:37 PM, you wrote:
DT> BTW, the Nikkei Nov8 was a big SELL all day long ?
Yes, up open, no follow through, soft but steady fall all day.
Personally, I think today's action was rather meaningless. Volume
dropped *considerably* today, and there are some "excuses" for
shaking the tree here: soft dollar, US markets on a roll that may be
a bit near term overbought and may not have staying power this week
until FOMC is out of the way. So, a bit more softness I think, but I
am looking to go long in that case. Today was simply a case of
institutions refusing to participate. They just took the day off, in
almost every sector. But it was hardly what one would call
distribution. There was also strong net buying by foreigners prior
to the open, and new highs outpaced new lows, despite a bad A/D line
today. I suspect a run is in the making, and I suspect this is a
pullback/shakeout. We shall see. A lower US tonight could have us
opening down tomorrow, and I'd like to buy into that scenario. I
expect a US rally after the FOMC, but it could be rocky up until
Wednesday mid afternoon.
Yuki
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