No real reason or news to prompt heavy buying or selling today, ahead of SQ this Friday and Q1 (U.S.) and Q4 (Japan) earnings season. The Nikkei 225 closed fractionally higher, 0.03% to 17,670.07. TOPIX gained 0.2% to 1,739.01. TOPIX 1st section decliners outnumbered advancers 934 x 639 (154 unchanged). JASDAQ’s slump continues as it lost 0.7% to 82.89, establishing new calendar year lows. There was a weaker-than-expected February machinery orders report, but it appears to have had limited impact. Watch Advantest (ATE) (JP: 6857), which lost 0.9% to Ą5,600. This may be one stock negatively hit by the Feb. machinery data. It is trading off recent lows, but don’t be surprised if it trades back towards Ą5,000. Separately, Nintendo (NTDOY.PK) (JP: 7974) set a new all-time high today, gaining 3.2% to Ą37,000.
Browsing Posts published on April 11, 2007
Although Shinsei Bank (JP: 8303) recently traded as low as Ą543 intra-day, on 3/29, we think this is a stock to watch in the lagging financial sector. It could be a trade, but we are eyeing a longer-term position. It had a 9.4% run from the low on 3/29 to Monday’s intra-day high of Ą594 — so a pull-back here is understandable. No rush to buy or go all-in; look to add perhaps around Ą565, which is a 5% retreat.
If you have CNBC then you already know all about this. If not, you’re not missing much except: (1) it’s the longest rally since March ‘03, and (2) the Dow is up a whopping 2.2% during this period!
Nikkei 225 futures in Chicago by the way, were last trading down 70 at 17,690, versus a close yesterday for the benchmark N225 of 17,664.69. N225 futures in Osaka lost 70 to 17,690 yesterday.
