Wednesday, July 30, 2008

Rally mode is limited

Markets in Asia/Australia are mixed to slightly higher. But there is no follow thru on the big gains in the US. The Tokyo market is most interesting, down ½% going into their lunch break. Their banks & autos (you know those names) are weak on negative news & guidance particularly from the US markets. Nintendo is down 8% after giving a weak outlook & Toshiba is lower after reporting its first quarterly loss in many years. Australian banks are down still feeling the effects of major write-offs at big banks. Oil declined 22¢.

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