Sunday, July 26, 2009

Japan's Nikkei Blasts Through 10,000 Mark

(Update: 11:45PM PST)

Nikkei ended up 144 points to 10,088.66. On the closing basis, it was the first time since June to close above 10,000. 10,088 is a rather curious number, as it is only 2 points off the mid point high of the double-bottom formation that I sort of saw.


with such ease that it is creating an anxiety among investors (particularly retail investors) that they are missing out big time if they are not in the market, according to an inraday market update at (website of Nippon Keizai Shinbun).

At the end of the morning session, Nikkei rose 173.72 points (1.75%) to 10,118.27, the highest since July 1 when Nikkei rose above 10,000 intraday. (On a closing basis, Nikkei had 2 days above 10,000 back in June.)

According to, buying is broad-based. The optimism that the U.S. corporate earnings are improving is fueling the rally.

Yen rose against U.S. dollars and Euro, but that didn't seem to dampen the spirit of market participants.

They say Asia follows the U.S (which I don't necessarily agree), and Nikkei has been the laggard among high-flying Asian indices. But for this once, can Dow Jones Industrial Average follow Nikkei and go past 10,000?

In the chart, from the top, BSE 30 (India), Shanghai Composite, Hang Seng (Hong Kong), Strait Times Index (Singapore), Nikkei (Japan), and Dow Jones Industrial (US).


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