wednesday tremors, page-57

by the looks, with topix and hs off and xjo flat, I'd say the common thread is oil price, at last.. if true, its more than compensating for tech earnings is usa .. so on the basis that energy prices are starting to bite (on top of everything else), as long as energy remains high, coming into the usa winter season and all, I'd be thinking that we are going to see more downside, particularly in the most energy dependent countries such as japan and hong kong and any others (that aren't subsidised heavily). So a position trade might be long xjo (energy producer) and short japan in particular.

Japans bonds rose in price significantly lately, incl this morning, suggesting deflation might be a concern again on top of oil etc.