Japanese Consumer Strength:
There have been many calls over the years as to how Japan was undervalued. Those doing the shouting no longer need to as the stocks have been finally speaking for themselves. The consumer play SNE, jumped higher by more than double digits after a well received earnings report (now has advanced last 3 times after numbers with gains of 5.3 and 2.6% on 10/28 and 8/4/20). PCRFY has added ground 12 of the last 15 weeks, including a 14% move higher the week ending 1/22. It gave back half of that last week, but this week headed into Thursday is up more than 5%. In the automobile space Toyota represents the largest holding in the EWJ at almost 4%, and today it added more than 3% recapturing its 50 day SMA (peer HMC found support off its rising 200 day SMA last week). The stock is part of the growing allure of the EV market, and this week is looking to break a 4 week losing streak, all CLOSING near lows for the WEEKLY range in big volume. The combined drop was 10%, and it now feels washed out and ready to resume its ascent.