No, it’s not another apocalyptic warning from the tin foil hat crowd. It’s just that NKD is closing in on our 19,240 target (between 29,210 and 19,240.) In my opinion, it’s the most important of the dozens of charts that I follow. And, as a reminder, it fits in perfectly with our analog as well as our forecast for the Nikkei.
From our last NKD update on Aug 12:
Will the next meltdown will be the charm? Time to ladle a little QQE on top of the currency manipulation?
When the yen carry trade makes the global financial markets world go ’round, and the central bank that makes the yen carry trade happen is also responsible for propping up the Nikkei 225, and said central bank is facing a colossal collapse of its phony baloney economy if the Nikkei should collapse…
Well, let’s just say that — whether by carrot or by stick — we expect the BoJ to “do the right thing.” They just need the proper motivation — which should be delivered today.
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