We expect the market to continue to sell off. The economic news continues to be bad.
If you had asked people earlier last week, they would have said it was a disaster.
The market moved in a tight range. There was no particular news out here, which highlights that we are going into the Golden Week holiday and some traders are taking profits as a result.
People really have to take a step back and look at what happened in Hong Kong and Japan in December. Some of the big names were up as much as 150 percent.
It went up 140 points at the close.
We just do not see this economic recovery. Last month was yet another record unemployment level, and land prices continue to fall - and land is the collateral that banks use.
People were somewhat focused on the trade surplus numbers. Japan is ultimately an exporting country and those exports are getting more expensive.
The market would have been down if it had not been for one big buying program towards the end of the day, which most people suspect was the government.
It was very quiet. There was a lot of confusion over exactly what the government is talking about in terms of whether they are going to start cutting taxes.
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