Conference nyoss1::market_investing

228.0. "Nikkei hits Oct. '86 low..." by JUPITR::LUTZ () Fri Jun 26 1992 09:15

    I have cross-posted a note from the Dow Vision notes file.  There may
    STILL be some more air to be released from the balloon...  
    
    I just finished reading Peter Lynch's book  "One Up on Wall Street".  
    In it he states  "Never try to catch a falling sword. It is better to 
    let it stick in the ground and vibrate awhile before grabbing it."  
    I think his advice may be prudent in this situation.
    
    -ml
    
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Note 10.0                            Stocks                           26 replies
SDSVAX::SWEENEY                                      34 lines  22-JUN-1992 08:13
--------------------------------------------------------------------------------
Copyright � Dow Jones & Co. 1992
Source: Professional Investor Report
Headline: Japanese Stocks: Nikkei Falls 3.62% To 15,921.22 At Close
Time: Jun 22 1992 0811


Story: 
  TOKYO -(DJ-PIR)- Japanese stocks resumed their decline today, with the key 
Nikkei index plunging below 16,000 for the first time since Oct. 23, 1986. 
  Investors retreated to the sidelines, disappointed with the lack of decisive 
government action to boost the economy. Futures prices fell, reflecting 
continued pessimism about the economy, leaving the thin market dominated by 
index-linked arbitrage selling throughout the day.  ''This is not so much a 
stock market as an arbitrage market,''  Paul Migliorato, a senior salesperson 
with Jardine Fleming Securities, said. 
  The Nikkei index of 225 selected issues was down 598.65 points, or 3.62%, at 
15,921.22.  The index rebounded 474.31 points Friday.  
  Unless the government moves quickly to draft a supplementary budget of more 
than 5 trillion yen, further declines are likely, traders said.  And even a 
strong budget won't help if the Bank of Japan doesn't allow rates to ease, 
said one senior trader at a Japanese securities firm.  
  Traders and technical analysts said if the Nikkei breaks below support in 
the 15,000 level, there's little visible support until the market drops to 
between 13,000 and 14,000.  ''I wouldn't be surprised if we got there this 
year,'' one technical analyst said. 
  Volume on the First Section was estimated at 230 million shares, down from 
235.62 million shares Friday. Declining issues outnumbered advancing issues 
732 to 204, while 151 issues remained unchanged.   
  The Tokyo Stock Price Index of all issues listed in the First Section, which 
rose 21.63 points Friday, fell 27.09 points, or 2.14%, to 1,240.18. 
  The Second Section Index, which fell 1.82 points Friday, down 5.20 points, 
or 0.27%, at 1,919.21.  Volume was estimated at 3.000 million shares, little 
changed from 2.697 million shares Friday.     
-0-  8 11 AM EDT 06-22-92}
categorySubject N/STK
    

    This note was intended to be a reply to note #148.  Moderator, could
    you please move it there.  ( Sorry for the confusion. )