Skip to comments.Nikkei set for sharp drop below key support
Posted on 06/29/2010 5:20:24 PM PDT by STONEWALLS
"June 30 (Reuters) - Japan's Nikkei average is set for a sharp drop on Wednesday, after a tumble on Wall Street, with the benchmark index seen breaking below a key support level, which market players say will ignite more falls.
Nikkei futures traded in Chicago 2NKc1 closed at 9,375, down 1.8 percent from the Osaka close JNIc1. Charts have turned bleaker, with the Nikkei's MACD set for a bearish cross and its slow stochastic, which gives near-term signals on market trends, edging down in oversold territory.
The Nikkei ended the previous day at 9,570.67, and its next targets stand just below 9,400, a six-month low hit this month, and then 9,250 and 9,000, one market analyst said. For the quarter ending Wednesday, the Nikkei is poised for its worst quarter since Lehman Brothers failed in 2008.
"Europe's finance and debt problems have come to the fore, and there's a growing concern that Europe's confusion might actually negatively impact the global economy going forward," said Kenichi Hirano, operating officer at Tachibana Securities.
(Excerpt) Read more at reuters.com ...
...and tomorrow on the MSM there will be a constant drumbeat blaming the collapse on “worries about” Asia, Europe and frickin’ Jupiter...anything to keep it away from the their chosen one.
Get out!! This is a disaster. GOLD!!! By more ammo.
What are you talking about... it'll be all recovery, recovery, recovery!!!
Hell, they've stabbed the patient through the heart and called it recovery.
After all “this is the Recovery Summer” /s
The market is oversold. Tomorrow looks like an up day.
“what can you expect from a cultural non American who had an Indonesian childhood? “
Well ok, maybe. I feel your frust, old son but I fear this asshole is just what he is. Nuthin to do with the lovely islands of Indonesia, or culture.