Making the mistake of trying to analysis market behaviour solely by economic outcomes.
You cannot debate market direction on fundamentals unless you take a very very very long term outlook.
(Especially in today's enviroment.)
Just look at number of times economists are wrong on every forecast except very short term interest rate movements which a 5 year old could predict.
By taking a purely economic stance you are probably ignoring 70% of the noise that goes into defining a markets short to medium term direction.
You must ask yourself what actually makes the market move in any direction over the medium term?
Have written posts on this topic in the past but have got no response so will not bore you again only to say if TA does indeed work it works over this short to medium term horizon.
Also I hear comparisons between Japan and US trying to analyse ecomically a snapshot in time, what about culture? Not important ?
Rob.
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