Crosspost from TMF. This Fool says:
"Hey, remember this up-45-down-45 (almost) pattern? Just like way way back on 7/15. We had to stop and catch our breath sometime! Buying opp. coming up in next 3 weeks around 330. Then another quick double. That is, if it follows the same pattern"
OK. Pretty interesting to look at: (and before anyone throws any rotten tomatoes I don't pretend to be good at TA)
7/15 SFTBF closed 34,800 didn't close again at this level until 8/26, which is six weeks in the trough. If you look at the previous big downturn, though, it was longer: 4/9 closed at 19,000 and didn't close there again until 6/17; 9 weeks. Perhaps three weeks is about right.
Strong flows of US funds into Japan, as well as Japanese managers increasing allocations to Japanese stocks. Continued tightening stance by the fed, throwing cold water on the Dow/Naz every other day, and the globalization of the net leading to more Asian plays for SFTBF. On top of this, less liquidity in Japan than in the US. Look at the top 10 volume leaders in the US. Over 12m shares. SFTBF's trading volume is already greater than some of Japans biggest firms and we haven't seen over 3m shares traded in a day.
Wonder what the announcement will be tomorrow...
Jay, any words of wisdom from that South Pacific Island? Weather report? |
