Dear Readers.
Has Yen Just Kissed the kiss of death to 121.82? We stated few days ago that 122 ( more like 121.95 on our calculations) was very strong support for YEN all the way from 121.50-122. So, today we have kissed the 121.82. and turned back pretty strong. Is this it for a sizable rally in YEN, or ,at least, enough to scare the hell out of this asset bloated market?. Watch The YEN carefully 122, 124 and 125 are strong supports and we just visited the 122 (121.82).
Good Trading
Jim Taylor, JD said...
NAZ and DOW up waves over.
Jim
5/29/2007 12:30 PM
3 comments:
NAZ and DOW up waves over.
Jim
CHINA will raise the securities stamp tax to three in a thousand from one in a thousand starting today, the latest effort to curb the soaring stock market, the Ministry of Finance announced yesterday.
This has been the seventh adjustment in the stamp duty. The country cut it to three in a thousand in 1991 from six in a thousand for the first time.
The government halved the securities the stamp duty rate to one in a thousand in January 2005 in a bid to help boost the depressed equity market.
According to the People's Bank of China, the country's securities stamp tax revenue totaled 12.2 billion yuan (US$1.6 billion) in the first quarter of this year, an increase of 515.9 percent from the same period of last year, backed by the huge stock transaction volume.
In last month alone, the Shanghai Stock Exchange and the Shenzhen Stock Exchange added 4.79 million new yuan-denominated A-share trading accounts. This exceeded the accumulated new stock accounts opened in the past two years and brought the total number of stock trading accounts on the two bourses to 993.95 million.
Thought you would be interested.
John
Dear John, thanks for updating us. This is the kind of staff that goes all the time. "Planners" ( it did not matter what the society, there are always "planners"). Sometimes they are called Breznev and sometimes they are called Bush and sometimes they are even called Jaing Ze min or whatever the heck the names are over in Chine. these "Planners" want to do lot of good things and end up ruining everybody, by doing things that are unnatural. Like running stocks, houses or bonds or whatever other assets are there there. Invariably those that being the process and their frineds become rich and at the end the new "suckers" come along to take the worthless, but now expensive assets from them and the process goes on until the new "suckers" are found at home or abroad. When GS Goldma Sacks stocks starts sinking you would know that there no more "suckers" to be found.
Good Trading
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