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2024
January 21st, 2008 at 11:06 am
Phil,
Hang Seng Index closed at 23818, decisively below 200MA for the first time since mid 2006. Assuming that 30k was the top, it’s over 20% correction, with 25% (23k) on the way.
Please note that other than HSI, Hang Seng China Enterprises Index (HSCE) is also a widely followed index. HSI includes many non-Chinese companies such as HSBC, while HSCE is the pure China play. HSCE also broke below 200MA today. Assuming that 20k was the top, it’s at 13,531 (a good 32.5% correction already).
I think HSI will likely visit 23k tomorrow. But aren’t they matching our corrections?