I see no reason to buy banks now. Their fundamentals are shaky with bad loans and companies are stepping up selling of bank shares ahead of the September implementation of mark-to-market accounting rules.
More Quotes from Tsuyoshi Segawa:
Tech plays are destined to be thrown away today after the Nasdaq. It's unavoidable whether we like it or not.Tsuyoshi Segawa
The speed of recent gains in telecoms was surprising. But people who had been climbing up a ladder without a break finally looked down to see how far they've come.
Tsuyoshi Segawa
The Nasdaq slipped below 1,300 yesterday and that means the market has returned to the level when Federal Reserve Chairman (Alan) Greenspan warned of inflated U.S. stock prices as 'irrational exuberance' in 1996.
Tsuyoshi Segawa
The market still has enough energy left to focus on certain stocks. Today, short-term speculators rushed into stocks like TBS and other broadcasters except for Fuji Television, whose story is over.
Tsuyoshi Segawa
We were too excited about the news concerning Hewlett-Packard and had not expected a fall in the Nasdaq.
Tsuyoshi Segawa
I think even after the Bank of Japan ends its ultra-easy policy, it would keep short-term interest rates at zero for a while. But the market is now concerned about how banks will change their lending stance.
Tsuyoshi Segawa
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