What Worked – After last week’s huge Value bounce it looks almost like the market just took a break this week. None of the Value or Quality signals stood out and only a couple of factors exceeded our self-imposed 10% threshold as significant. Stochastic Oscillator had a negative 12% IC. So there was a slight sell off in names up over the last month.
Minebea was down 7% and ASATSU-DK was down 4%. There was also a slight selloff in high Beta names. However this is after a huge positive move for Beta last week. High Beta names that went down this week were Asics down 11%, NSK down 9% and Taiyo Yuden down 8%.
Who Moved – Despite nothing really standing out, 20 names moved on volume this week. On the positive side, Suzuki Motors was up 2%, Sangetsu was up 2% and Komatsu was also up 2%. On the other side, Kansai Electric Power was down 24%, Tokyo Gas was down 6% and Coco-cola East was down 6%.
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