Market Call Revisited: Sell Asia
November 19, 2008 8:28 PM
I said in this post on Nov. 5th to sell Asia especially the Nikkei and to “wake me when it goes below 8000″. It was 9521 then. Let’s see, the Nikkei is at 7976 as of the last night. Therefore, I thought I would “wake up” and take another look. To say that I am still skeptical is an understatement. But I do not look at the Nikkei charts and really have no interest in doing so. 6994 needs to hold, IMO. But it is obviously far above that.
At any rate, it has fallen about 15% from that call, and we likely will see 20% tonight AND it never approached 9521 again as it fell the next day. Sometimes common sense does prevail in the markets. Not often, but once in a while. I guess I was just lucky once again. Nobody is right all the time and i am just some average joe “typing opinions out of his garage” as I like to say. But at some point you have to use common sense. Up 30% off the low in a week? I mean come on. That was short covering driven on a massive scale. Those that bought at 9521 were far less than wise.
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