The Chart du Jour
As readers of these pages know, by background, I am more a trader than I am an investor. I like to stay nimble, and sometimes book profits too soon for mega-trends, but usually with a conservative bent from a risk-management point of view.
Back on April 11th., I called for a continuation rally in the Japanese Nikkei to a minimum target of 14,324. That target has now been reached. As the chart above shows, an updated stretch of the Fibonacci bands shows 14,641.8 to be the more specific natural ending point to our recent upmove. This level is also the approximate location of the 200-day moving average.
Maybe longer term the Nikkei is finally turning higher once and for all given the new willingness of Japan's BOJ and MOF to let their currency slowly slide lower while they quietly prime the pumps with reflationary debt monetization. Then again, maybe not. All I know is that I'm happy to say "thank you" for now on this long trade and take profits. The 200-day moving average is highly unlikely to get taken out on this first attempt, and the matching Fib level is like the God of mathematics talking to us.
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