(Bloomberg) -- The rally in Japanese stocks may prove short-lived because the market’s strength relative to the rest of the world is still “in a steep downtrend,” MKM Partners’s Katie Stockton said. The iShares MSCI Japan Index Fund, a U.S. exchange-traded fund that tracks the country’s stocks, has risen 6.7 percent this week, heading for its biggest weekly gain since March. The rally began after the ETF fell for two months and approached its 200-day average price in November. Despite the advance, which was “largely technically driven,” it has yet to finish “a basing phase,” said Stockton, chief market technician at the firm.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aODwDaVFhK6M
No comments:
Post a Comment