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	<title>Active Investing &#187; Market Summary</title>
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	<link>http://steventowns.proxyexchange.org</link>
	<description>VALUE INVESTING, SHAREHOLDER ACTIVISM</description>
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	<language>en</language>
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		<title>Long precious metals, hope others stay long Treasuries</title>
		<link>http://steventowns.proxyexchange.org/2011/08/long-precious-metals-hope-other-stay-long-treasuries/</link>
		<comments>http://steventowns.proxyexchange.org/2011/08/long-precious-metals-hope-other-stay-long-treasuries/#comments</comments>
		<pubDate>Mon, 22 Aug 2011 11:43:30 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Monetary policy]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Valuation]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=832</guid>
		<description><![CDATA[Please see my exclusive article at Seeking Alpha, &#8220;Why I&#8217;m Long Precious Metals (And Hope Others Will Continue to Buy Treasuries).&#8221; I look at some of the perils of investing in Treasuries; the performance of select assets and money growth since 1971 when president Nixon closed the gold window; and discuss my investments in iShares [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2011/08/long-precious-metals-hope-other-stay-long-treasuries/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Domestic and overseas factors a plenty for Japan</title>
		<link>http://steventowns.proxyexchange.org/2009/10/domestic-and-overseas-factors-a-plenty-for-japan/</link>
		<comments>http://steventowns.proxyexchange.org/2009/10/domestic-and-overseas-factors-a-plenty-for-japan/#comments</comments>
		<pubDate>Mon, 26 Oct 2009 13:49:02 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Japan - Invest/Econ]]></category>
		<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Yen]]></category>
		<category><![CDATA[debt moratorium]]></category>
		<category><![CDATA[investors]]></category>
		<category><![CDATA[JAL]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Japan Post]]></category>
		<category><![CDATA[Nikkei]]></category>
		<category><![CDATA[tokyo]]></category>
		<category><![CDATA[Topix]]></category>
		<category><![CDATA[traders]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/10/26/domestic-and-overseas-factors-a-plenty-for-japan/</guid>
		<description><![CDATA[More often than not, it is overseas factors that have the largest influence on trading in Japan. However, from time to time there is enough commotion domestically that also warrants the attention of investors. Unfortunately, the cacophony coming out of the government these days is more concerning than usual (e.g. Japan Post management/reform, debt moratorium, [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2009/10/domestic-and-overseas-factors-a-plenty-for-japan/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Shanghai selloff overshadows DPJ, Nikkei</title>
		<link>http://steventowns.proxyexchange.org/2009/08/shanghai-selloff-overshadows-dpj-nikkei/</link>
		<comments>http://steventowns.proxyexchange.org/2009/08/shanghai-selloff-overshadows-dpj-nikkei/#comments</comments>
		<pubDate>Mon, 31 Aug 2009 13:22:30 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Yen]]></category>
		<category><![CDATA[dollar]]></category>
		<category><![CDATA[domestic demand]]></category>
		<category><![CDATA[DPJ]]></category>
		<category><![CDATA[exporters]]></category>
		<category><![CDATA[forex]]></category>
		<category><![CDATA[historic election]]></category>
		<category><![CDATA[LDP]]></category>
		<category><![CDATA[Nikkei]]></category>
		<category><![CDATA[Nikkei 225]]></category>
		<category><![CDATA[reform]]></category>
		<category><![CDATA[Shanghai]]></category>
		<category><![CDATA[strong yen]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/08/31/shanghai-selloff-overshadows-dpj-nikkei/</guid>
		<description><![CDATA[The DPJ&#8217;s rise (and the LDP&#8217;s fall) is no longer debate material, but a welcome reality. As expected, the yen exhibited strength, and looks poised to test ¥92. The Nikkei meanwhile was quite volatile, gapping up, hitting a new ytd high at 10,767, tumbling into the start of the afternoon session to a low of [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2009/08/shanghai-selloff-overshadows-dpj-nikkei/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The perils of overcapacity in Japan</title>
		<link>http://steventowns.proxyexchange.org/2009/08/the-perils-of-overcapacity-in-japan/</link>
		<comments>http://steventowns.proxyexchange.org/2009/08/the-perils-of-overcapacity-in-japan/#comments</comments>
		<pubDate>Mon, 17 Aug 2009 13:18:38 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[consumption]]></category>
		<category><![CDATA[export]]></category>
		<category><![CDATA[GDP]]></category>
		<category><![CDATA[government stimulus]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Japanese economy]]></category>
		<category><![CDATA[lending]]></category>
		<category><![CDATA[Nikkei]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/08/17/the-perils-of-overcapacity-in-japan/</guid>
		<description><![CDATA[&#8220;Recession ends in Japan,&#8221; and headlines to that effect portray a different picture than the real one on the streets. In fact, despite the headline rebound in GDP, propping open the hood shows that the outlook for Japan is a return to status quo, little to nil export-driven growth at best, and raises the likelihood [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2009/08/the-perils-of-overcapacity-in-japan/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>A look at Japanese stock valuations</title>
		<link>http://steventowns.proxyexchange.org/2009/05/a-look-at-japanese-stock-valuations/</link>
		<comments>http://steventowns.proxyexchange.org/2009/05/a-look-at-japanese-stock-valuations/#comments</comments>
		<pubDate>Mon, 01 Jun 2009 02:03:28 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Valuation]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/05/31/a-look-at-japanese-stock-valuations/</guid>
		<description><![CDATA[The Nikkei, like many other benchmark indices, is hardly the volatile, motion sickness inducing headline producer that it was of months past. But no matter how hard I&#8217;ve tried, I just haven&#8217;t been able to turn myself into a green shoots market cheerleader. Nevertheless, I may be willing to concede that downside risk (in terms [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2009/05/a-look-at-japanese-stock-valuations/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Nikkei 9000, 8000, or 7000?</title>
		<link>http://steventowns.proxyexchange.org/2009/03/nikkei-9000-8000-or-7000/</link>
		<comments>http://steventowns.proxyexchange.org/2009/03/nikkei-9000-8000-or-7000/#comments</comments>
		<pubDate>Tue, 31 Mar 2009 23:48:37 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Weekly Outlook]]></category>
		<category><![CDATA[confidence]]></category>
		<category><![CDATA[equities]]></category>
		<category><![CDATA[EWJ]]></category>
		<category><![CDATA[iShares MSCI Japan]]></category>
		<category><![CDATA[mark-to-market]]></category>
		<category><![CDATA[N225]]></category>
		<category><![CDATA[Nikkei 225]]></category>
		<category><![CDATA[Nikkei 225 Stock Average]]></category>
		<category><![CDATA[recovery]]></category>
		<category><![CDATA[stocks]]></category>
		<category><![CDATA[tokyo]]></category>
		<category><![CDATA[Tokyo Stock Exchange]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/03/31/nikkei-9000-8000-or-7000/</guid>
		<description><![CDATA[About a year ago today, I published a weekly Nikkei outlook discussing whether the Nikkei was headed to 13,000 or back to 12,000. Suffice to say that much has happened since then. At the start of the new fiscal year today, the range in question is broader, 7,000 &#8211; 9,000, but obviously it is not [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2009/03/nikkei-9000-8000-or-7000/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Recession confirmed in Japan &#8212; tell us something we don&#8217;t know</title>
		<link>http://steventowns.proxyexchange.org/2008/11/recession-confirmed-in-japan-tell-us-something-we-dont-know/</link>
		<comments>http://steventowns.proxyexchange.org/2008/11/recession-confirmed-in-japan-tell-us-something-we-dont-know/#comments</comments>
		<pubDate>Mon, 17 Nov 2008 11:29:20 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Nikkei Futures]]></category>
		<category><![CDATA[Valuation]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/11/17/recession-confirmed-in-japan-tell-me-something-i-dont-know/</guid>
		<description><![CDATA[No need to get excited over the fact that the Japanese economy has now contracted two consecutive quarters (no shooting the messenger). That was largely already factored into equities, thus explaining the severely depressed levels registered of late. However, as The Economist reported in its latest edition, the &#8220;Toyota shock&#8221; of a sharp decline in [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2008/11/recession-confirmed-in-japan-tell-us-something-we-dont-know/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Japanese stocks set to sink again as reality bites</title>
		<link>http://steventowns.proxyexchange.org/2008/11/japanese-stocks-set-to-sink-again-as-reality-bites/</link>
		<comments>http://steventowns.proxyexchange.org/2008/11/japanese-stocks-set-to-sink-again-as-reality-bites/#comments</comments>
		<pubDate>Thu, 06 Nov 2008 23:27:27 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Nikkei Futures]]></category>
		<category><![CDATA[Sentiment]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/11/06/stocks-set-to-sink-again-as-reality-bites/</guid>
		<description><![CDATA[Prior to yesterday&#8217;s 6.5% drop in Tokyo (Nikkei 225 close at 8,899), the N225 had rallied 33% in the prior six sessions to recoup a good chunk of the 37% drop between Oct. 1 and the 26-year low reached Oct. 27 at 7,162. Yesterday I stated the obvious in that Tokyo would sell-off as reality [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2008/11/japanese-stocks-set-to-sink-again-as-reality-bites/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Awaiting a sell-off as reality strikes again</title>
		<link>http://steventowns.proxyexchange.org/2008/11/awaiting-a-sell-off-as-reality-strikes-again/</link>
		<comments>http://steventowns.proxyexchange.org/2008/11/awaiting-a-sell-off-as-reality-strikes-again/#comments</comments>
		<pubDate>Wed, 05 Nov 2008 21:15:43 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Sentiment]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/11/05/awaiting-a-sell-off-extent-of-which-not-known-as-reality-strikes-again/</guid>
		<description><![CDATA[The benchmark Nikkei 225 has gained 33% in the last six trading sessions since bottoming at a 26-year low at 7,162 on October 27. However, to put the surge in perspective: from the start of October to that bottom, the Nikkei shed an even more impressive 37%. So at a close yesterday of 9,521, the [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2008/11/awaiting-a-sell-off-as-reality-strikes-again/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>BoJ caves in to pressure; Nikkei profit-taking ahead of 3-day</title>
		<link>http://steventowns.proxyexchange.org/2008/10/boj-caves-in-to-pressure-nikkei-profit-taking-ahead-of-3-day/</link>
		<comments>http://steventowns.proxyexchange.org/2008/10/boj-caves-in-to-pressure-nikkei-profit-taking-ahead-of-3-day/#comments</comments>
		<pubDate>Fri, 31 Oct 2008 12:06:02 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Market Summary]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/10/31/boj-caves-in-to-pressure-nikkei-profit-taking-ahead-of-3-day/</guid>
		<description><![CDATA[The Bank of Japan cut rates for the first time in seven years: 0.5% &#8211;&#62; 0.3%, which is said to have disappointed the market and thus caused the sell-off in Tokyo (Nikkei 225: -5%; Topix-1: -3.6%). Not quite. The market had already opened lower and traded down throughout the entire session until the BoJ announcement. [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2008/10/boj-caves-in-to-pressure-nikkei-profit-taking-ahead-of-3-day/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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