The special things that happened in the past month (November) ~ From 荒野浩's Technical Room, 2017/12/4 ~

Hiro Koya's 'From the Technical Room' 2017-12-04 07:33

Streamer: Hiro Koya

Chasing highs will persist into the early part of the month

Mid- to late-month, a consolidation market

A high not seen in 25 years and 10 months was recorded, but

in the month, intraday it exceeded 23,000 yen

and there was only one day when it fell below 22,000 yen.

The monthly average was 22,525 yen,

a month that consolidated around the 22,000-yen level.

Fluctuated up and down

The number of 'unchanged' issues among advancers/decliners reached its lowest level this year.

This indicates that stock prices fluctuated up and down,

signaling a market with pronounced swings.

As a result, November's intraday range was 272 yen, the largest of the year

and stock prices moved up and down, with high volatility in the highs

and thus it was a movement characterized by high volatility.

High-price volatility and heavy trading

Trading value rose as stock prices fluctuated up and down.

The average daily turnover reached 3.22 trillion yen.

That's the first time since April–May 2013 that turnover exceeded 3 trillion yen during a period of volatile price movements.

For the market to regain stability, a calming of trading activity will also be necessary.

It is expected that trading activity will ease.

There was substantial selling pressure, to some extent, though...

The short-selling ratio, indicating the strength of selling pressure, averaged 40.1% in November, similar to August (40.6%), indicating fairly strong selling pressure.

In other words, selling pressure was strong; conversely,

prices held up relatively well despite the strong selling pressure,

indicating solidity at the lower end.

Although revised significantly upward,

it was not reflected in the PER.

During the September earnings period, based on the Nikkei 225 index, earnings per share

were revised upward by about 100 yen, but

November's average PER was almost the same as October's, and the growth in profits

did not lead to a PER expansion.

November had the features described above, but

the moves of November should be considered temporary.

This month is year-end, and trading will thin toward the second half,

and movements are expected to become scarce.

It is anticipated to move toward a calm, low-activity phase, with mid- and small-cap stocks relatively favored.

It is thought so.

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