You’ve really got to love the media.
The following headlines captured here this morning:
- Japan’s Nikkei 225 Posts 7-Year High on Weaker Yen
- Nikkei 225 – Offers Great Breakout Pullback Setup, Bullish Bias
- Nikkei 225 Set for Further Gains
I guess we’ll see about that now won’t we?
Think hard, then ask yourself – what possible reason would there be to buy anything “Japanese” as the stream of economic data continues to go from bad to worse, then to even worse? Oh ya……then there’s Fukushima. Oh ya that….just the largest “human disaster” in recorded history….ya that. We’ll thats no big deal or at least……that’s what they say on CNN.
We’ve got our “lower high” in Nikkei, and the current framework ( however long and drawn out) remains intact. All exactly according to plan – short of taking “forever”.
We could “literally” be hours away, as USD tops out, Nikkei rolls over, Yen pops and U.S equities turn lower.
Thursday’s generally seeing the pivot/move, so no trades for today but I encourage all to “man their battle stations”.
We should see some action here soon.