Fear of heights not justified
New highs are not cause for concern; just watch for signals of slowing momentum and behaviour patterns that often precede trend changes
Add BT as a preferred source
THE glass bottom walkway along the 1400-metre high cliffs at Zhangjiajie in Hunan province is a test of anyone's fear of heights.
Some step boldly on the glass walkway, but looking resolutely ahead because they are fearful of looking down. Others cling to the rock wall, closely inspecting the rocks and lichens, and only occasionally glancing to the left to catch the view over the valley below. Some, of course, refuse to take the first step and never venture out across the walkway.
These fears, or the lack of them, is similar to the same way investors approach US stock markets as they make new highs. The broadest of the indexes, and the most representative of US economic activity, is the S&P 500. The weekly charts step away from the distracting frenzy of daily activity.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
