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Thursday, June 13, 2013

COT and Technical Review of Japanese Stocks

Are you buying or selling weakness in Japanese stocks?

<a href="" title="Bullish or Bearish Japanese Stocks?">Bullish or Bearish Japanese Stocks?</a>
�Eric De Groot

My answer includes a technical and COT review.

Headline: Nikkei plunges into bear market; China sinks

HONG KONG (MarketWatch) — Asian stocks sank Thursday as uncertainty over U.S. monetary policy led to more declines on Wall Street. Japanese shares stood out with massive losses and a move back into bear-market territory as a further rally in the yen thrashed exporters.

The Nikkei Stock Average JP:NIK -6.35% plummeted 6.4% to end at 12,445.38 in Tokyo for its sixth loss in seven trading days. The drop marked the benchmark’s decline for a seventh straight Thursday, including the 7.3% plunge on May 23.

The selloff came as the U.S. dollar USDJPY -1.52% fell as low as ¥93.76 during the session, nearly two full yen lower than the ¥95.61-level seen in North America late on Wednesday. The drop followed a third straight session of losses for U.S. stocks Wednesday, on concerns the Federal Reserve could taper down its bond purchases.



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