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Pullback Considered Corrective


Holding Above Recent Lows


BLOCK, Large 3Y Midcurve Put Condor

STOCKS: Japanese stocks have today moved positively into the lunch break by
7.8pts at 19873.61, a stalling in the market rally as this small rise is not
similar to the jumps the Nikkei has seen over the last few days. The further
lack of movement either way echoes the sentiment that some investors may be
speculating around the possibility that the market may have peaked. Japan stock
flow data out during the session suggested a lot less interest from foreigners
for stock.
- 6 of 11 sectors were in the green on the Nikkei 225 with energy being the best
performing sector with oil hovering around the highest its been in 5 weeks.
- The Hang Seng is currently down around 90pts amid a 0.3% reported decrease in
retail sales for China and the ASX Index is also down about 15pts despite strong
consumer confidence figures released and also strong labour market data. 
- The USDJPY is mildly up at 110.52 after a jump yesterday coming into the U.S.