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SO FAR, SO PERFECT
Nikkei: 11,815.95
*April low: 7,603.76
*- See March 31 &
*The following is a brief update in conjunction with
previous comments. However, if prior reports do not clarify any aspect of
market consideration, please feel free to email or call regarding any
question(s).
The
two-paragraph December update (http://www.sidklein.com/comments/Dec%209%202003%20update.doc)
correctly identified that the forecasted seasonal
November/December lows for Japanese stocks had been seen and that many on the
“secondary list” would erupt imminently. Before the calendar first quarter’s
powerful gains, the model portfolio had completed its 2002 – 2003 year in early
October with a gain of 80%.
An
example of the post-November strength can be found in the recent performance of
stocks, most of which had not been in the prior year’s model portfolio. Favourite selections returned 12% ex-currency in March. Of
course, as often pointed out in the past, for regulatory reasons, this letter
does not discuss individual names.
NIKKEI – DOW RATIO:
This spread has jumped
about 13% and the significance to domestic Japanese stocks is actually
understated by this statistic.
(1)
Everything is unfolding
exactly as forecast since
GOLD, DOLLAR*:
“Gold and the currencies
are unfolding their respective destinies as forecast in these pages…”
The above appeared in the
February 24 issue of SKC. Very simply, regarding gold and the Yen, one may
review recent letters along with updated charts and find significant
resemblance. Therefore, there is no change in market views here either.
The next regularly
scheduled commentary is set for the first weekend of May.
Sid Klein
________________________________________________________________
This newsletter is solely the
work of the author for the private information of intended recipients only.
Although the author is a registered investment advisor at Desjardins Securities
Inc., this is not an official publication of Desjardins Securities Inc. The
views (including any recommendations) expressed in this newsletter are those of
the author alone and are not those of Desjardins Securities Inc. The
information contained in this newsletter is drawn from sources believed to be
reliable but the accuracy and completeness of the information is not
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assume any liability. No solicitation to buy or sell securities should be
inferred from either the contents of this newsletter, nor its
dissemination. Each potential investment decision and its
appropriateness must be considered within the context of the entirety of
the individual investor's circumstances. This information is given as of the date
appearing on this newsletter and neither the author nor Desjardins Securities
Inc. assume any obligation to update the information or advise on further
developments relating to the information provided herein.
(2)