|
PureBytes Links
Trading Reference Links
|
50 and 500 as international indexes comprising 'contents standard' for comparisons.
Hello Jan Willem,
Your mail and FT authors article on the Nikkei225 are very correct. The Nikkei300
was introduced on the markets in early 1997 as being
"a market capitalisation weighted index" and was done so to provide for
"a lesser manipulitive index then what the linnear DJ Nikkei225 currently is".
The 300 included also an extension in the underlying values and was also set out to
run alongside the 225 for the time being and then to fully replace the 225 at a later stage.
The introduction had to have a story to it, for it to be "representative" and to be
followed and traded on the local option market. As such the story is 'reasonable'.
Internationaly its introduction was and is of no impact, actualy nil(0), as "300" sized
indexes are nowhere to be found reckoned with.
Apart from the fact that the figure "300" is not an easy comparable international
comparative index figure, only the British orientated countries make use of this type
of "broken" figured indexes, there was already an excisting Nikkei500 available on
the market.
With such a 500 major traded capitalised companies included and using also that effective
rounded figure, a better comparison to other (international,same) indexes can be made.
However, only in the States this type of index size is now being exploited commercialy
to the fullest, with an endless variaty in tradeable derivatives products available as well as
in derived funds being available to the local and international markets.
A figure of 500 for the best and biggest capitalised traded securities as an overall market
index for both local and international comparison is the best then usable, both as in it to
be a representative broad market index as in it to be a "forecasting" somewhat lagging
indicator, upose to the very "advanced" forecasting smaller 50 indicator, and upose to
the, see above, lesser "advanced" 300.
As the Dow Jones Co. is involved in the creationing of and being joint venture partners in
the index propriety holders of both the DJ Nikkei50 and the DJ STOXX 50 an upgrade to
the Dow Jones Industrials Average index comprising 50 values might be expected.
Though not the only ones doing so, the Standard and Poors Co. and the UKs Financial
Times are involved in a joint venture with Goldman Sachs as to the creatoning of some
representative European based indexes, as such an EURO 500 can be expected from
any party, if from the SPGSFT group it well to be into the next century, as the UK will only
join the EURO comprising countries in or after the year 2002.
Left us with some ASEAN, Arabic, African, Russian/Balcanic and Latino American 50
and 500 indexes to fill up the international family.
Regards,
Ton Maas
Ms-IRB@xxxxxxxxx
-----Oorspronkelijk bericht-----
Van: J.W.E. Roberts <jan.roberts@xxxxxxxxxxxxxxxxx>
Aan: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
Datum: donderdag 22 oktober 1998 22:02
Onderwerp: Nikkei225 - prone to manipulation
>Hi Anton,
>In last Monday's Financial Times there was an interesting article about the Nikkei225. The author's
>conclusion was in essence that it should be scrapped. Because of the regulating commission's extreme
>pre-occupancy with historical constancy there is more than just a couple of near defunct companies and
>companies with a ridiculously low market capitalization in the Nikkei225. This makes the index very
>susceptible to manipulations of all kinds - cf the extreme amount of window dressing taking place right
>now. In consequence the FT will henceforth publish the Nikkei300 alongside the 225. Problem is, the
>pesky thing cannot at present be discarded because everyone ogles it & of course there exist many many
>futures on it.
>Happy Trading, JW
>
>"A.J. Maas" wrote:
>
>> Tokyo's further decline ahead(see att. Nik0927.gif) with 12500-12000 as PAUSE
>> between now and next years target 10500-10000.
>>
>> However a strong advancing YEN esp. vs US$ (see below mail "Re: Exit Strategies")
>> can set any futher downsliding(eg targets as steep as 7500-7000) to a long
>> awaited (temp) stand still.
>>
>> Also this weekends final arranged treaty pack(again?), on one of Japans most
>> urgently to be solved "banking creditability" problems between the government and
>> the opposition on the Long Term Credit Bank(LTCB), can stop Tokyo declining
>> much further than the at the top mentioned targets.
>>
>> But many more die hard actions by the Jap. gov. on countries disrupted financial
>> creditabilaty matters is desperately required to restore any of the markets believes
>> and sentiment, and thus creating for Japan(+most of Asia) a turn-around.
>>
>> Technical correction for the YEN returning to former support at 125-115 can be expected.
>>
>> Regards,
>> Ton Maas
>> Ms-IRB@xxxxxxxxx
>>
>> ====================================================
>> -----Oorspronkelijk bericht-----
>> Van: A.J. Maas <anthmaas@xxxxxx>
>> Aan: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
>> Datum: maandag 14 september 1998 2:21
>> Onderwerp: Re: Exit strategies
>>
>> >Steve,
>> >
>> >If you'ld ask me, my guess is best to short the US$, implementing
>> >-long DM(vs US$)
>> >-long Yen(vs US$), chart says there is potention(can their intrest-rate go any lower?)(<0.75%)
>> >-short UKPnd(vs ECU or DM)
>> >
>> >Charts unfortunatly are not fully trustworthy as to the long term as my data starts
>> >somewhere @ beginning of Jun98. But for the IMT, Short and very short term this does
>> >not affect their outlook, wich is not very promissing for the US$, actualy plain bearish.
>> >
>> >This can be due to the impeachment uncertainty, but this is basicaly a local US-afair,
>> >and my guess is that with the conversion date(990101) for the EURO comming up,
>> >not only China is converting part of 1/3tds of its assets-reserves into the EURO but other
>> >countries are also doing this semi-converting, as well as many major financial and
>> >other government institutions.
>> >As the EURO is currently "virtualy" available through giro and bank accounts, this
>> >converting can be done VERY "quitly" and also step by step, bit by bit(even on a daily basis).
>> >This "virtual" means that the present physical available local currencies still have to be used.
>> >Both DM and DGR(dutch guilder) are, but the UKPnd is NOT to go up in the EURO.
>> >For the UK this is not due untill the year 2002, and it will be referendum-polled first(in the UK).
>> >Also the UK will have to meet up with the very strict "former BundesBank" EMU-Maastricht
>> >treaty criterea, before final entry is possible.
>> >
>> >Futhermore, in the recent past, the US$(bonds) has been a save haven for money
>> >flowing from Emerging Marktes(incl. withdrawls), but by now this is fully reflected in the
>> >prices. Future settling of these markets will mean a 'creaping' withdrawl out of the US$.
>> >To start with the Russian Rubble, then the Latinos and then ASEAN.
>> >Thus this fleeing hype can be over somewhere this autum/winter98.
>> >
>> >This decline of the US$ tho, must be good news for the US exchanges and bad news for
>> >the rest of the world, as profits made in the US$ worlwide, will have to be report-converted
>> >into the companies local currencies.
>> >
>> >Chart of UKPnd/DGR(=for Guy, as I did not have UK/DM data) is loaded with proper history
>> >and for the prices actions and trends movements sake, the DGR is fully correlated with
>> >the DM(roughly 1.12).
>> >
>> >Think the EURO(read its current underlying valuta) is to be "this coming winters save haven"
>> >also for anyone having doubts about the excaturated non-political 'internet-report' and Russias
>> >impact on the world economy.
>> >
>> >Didn't have time to look at the US$/Can$ but from the above can understand why its is meeting
>> >up with heavy resistance.
>> >
>> >Regards,
>> >Ton Maas
>> >Ms-IRB@xxxxxxxxx
>> >
>> >===========================================================
>> >
>> >I haven't looked at the long DMark short Yen, but take a look at the
>> >DMark/Lbs spread. My dad had one of his famous dreams about that one a
>> >couple of weeks ago <ggg>.
>> >
>> >
>> >-----Oorspronkelijk bericht-----
>> >Van: Steve Karnish <kernish@xxxxxxxxxxxx>
>> >Aan: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
>> >Datum: vrijdag 11 september 1998 2:38
>> >Onderwerp: Re: Exit strategies
>> >
>> >
>> >>Ton,
>> >>Any opinions on long D-Mark short Yen spreads. Guy, would like
>> >>to hear your opinion also. I still riding the Can $ from the
>> >>low 63's. It has to get through some fib, Gann and trendline
>> >>resistance at 66.30...so, I playing pretty close to the vest.
>> >>The spread intrigues me and looks credible from a technical
>> >>angle.
>> >>Thanks,
>> >>Steve Karnish
>> >>CCT
>>
>> ------------------------------------------------------------------------
>> Name: Nik0927.gif
>> Nik0927.gif Type: GIF Image (image/gif)
>> Encoding: base64
>
>
>
|