Where are emerging markets going? Do the emerging market central banks and Treasurers have the balls to stop inflation or they can’t live without the growth on stereoids?
The MSCI iShares Emerging Markets index has failed twice to break the 2008 highs… are we heading lower to test May 2010 levels or break the 2008 highs?
Close to overbought territory… Japanese equity markets clobbered due to 15-year high Yen.
Equity markets in India and Canada are just shy of their 52-week highs! Chinese stocks are struggling to reach new highs and could very well be on their way down
Actually, the SENSEX has reached new 52-week highs in recent days and is up 25% from its May 2010 lows.
How much have major stock markets worldwide dropped from their 52-week highs after yesterdays 2-4% drop?
Source: Google Finance, WSJ
Where do we go from here? Most bearish commentators expect a 20-30% correction from the recent peak (52-week high) before another sustained rally… Can we expect another 5-15% drop? Is the correction almost over or are we in for more downside?
Yesterday I pointed out the bearish technical signals on the S&P500 charts which – here are charts for some of the markets above with similar signals (mostly bearish)
UK – FTSE 100
Chart Souce: stockcharts.com
Japan – Nikkei 225
Chart Source: stockcharts.com
Canada – TSX Composite Index
Chart Souce: stockcharts.com
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