According to Channel News Asia: “Asian stock markets came under fresh selling pressure in early trade, tracking Wall Street lower amid continued anxiety about the health of global markets, dealers said.” and “Dealers said that Wen’s annual work report before the National People’s Congress, in which he set a national economic growth target for 2007 of about 8%, failed to provide fresh trading leads.”

Does that make any sense? Sounds a little far fetch to me that an uninspiring speech of an equally uninspiring politician can cause a large sell off. Doesn’t matter he’s an uninspiring politician of a large nation with a awe inspiring economy.

Above which, it’s not like the Dow hasn’t moved that way before.

But again, when they need to find an excuse to hide the fact that they are clueless why the markets are heading south, they always say something like that. Either way, it won’t be a surprise that this happened simply because the sharks are already done with their profit taking, and they are now just holding back. In other words, the current lack of demand is what that is driving the markets back to saner levels.

It was only the beginning previously, and this definitely is not the end yet.

And you don’t have to buy whatever is said here. If I think the analysts and traders are talking cock, then you can think the same of what I said. Kekekeke…