Nikkei Down Again At The Open: Longest Losing Streak In Over 50 Years
July 6, 2008 8:16 PM
Well, my view month after month after month has been negative. Unfortunately this has proven correct. Nikkei is down again this morning and is the longest losing streak in over 50 years - 13 straight days. That is brutal. I do not put much stock in the Nikkei for direction as I believe they still follow the U.S. Japan is still an exporter country and rely on the West economies. Therefore, their direction I find virtually meaningless. They follow.
I have been getting more and more concerned about the markets however - and have been waiting for the so called “capitulation”. We definitely have not seen that, as of yet. I wish we would just get this over with, sell down to wherever buyers are, and move on. This daily slide is getting very old.
One thing I am a bit concerned about is where is the bottom. I keep hearing 10,600 range. If everyone believes that is the bottom, then my belief is that it isn’t. Bottoms occur when people give up and there is genuine fear. Not a predetermined number. I would be leery of any bounce in that range if we get there.
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