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The following is not about technical analysis. Please delete, my apology in
advance. Thanks for your generous 5 seconds.
Just came back from Hongkong, classy and regular department stores were
having sales to 80% discount which has become the norm.(Bally shoes 50%), Some
ads are (example Daimaru, "Thank You for 38 years of business this is our last
month of operation.". The only thing going for Hongkong is cheap workers from
Mainland China who are willing to work for less than one half wages. Middle
class are getting wiped out left and right. Major companies are regularly
announcing layoffs, so things are still going to the dogs, still too early,
what Asia needs right now is a massive infusion of capital in all sectors,
especially the banks, BUT, from where???? Japan?? IMF?? Talk with newly
elected President's (Philippines), people who just came in and found out the
government's coffers are empty and debt up to their ears,their next step is
cut down on all spending (planned and programmed) specially infrastructure
(guys, you know what happens when a government stop pumping into the economy?
Since we are not yet a consumer economy ,yet this is disastrous), this will be
the same around the whole region. Right now, we monitor Hongkong as the most
crucial for Asia,frankly in my opinion, things will still get worse there
before improving.
Technically speaking,we are really downtrending (maybe a strong above 35 ADX)
but no spikes yet to signal a reverse.
Just wait a little longer before getting in. After all, patience is, still
a virtue.
Ron Augustine wrote:
> I thought Confucius say-- "He Who Buy Asia Too Early Get Chop Chop..."
>
> At 04:05 PM 8/2/98 -0400, you wrote:
> >
> >And remember what Confucius says: "He who buy Asia now, profit handsomely
> >in future."
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