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Foreign investors just cannot get enough of the Nikkei stock index. Our long-held bullish view is bearing fruit. The strong end of week close at 12,600 bodes well for further upside, and we see medium-term gains beyond the 15,000 level. Short-term risks arise from high oil prices and a prolonged slowdown in the US economy. However, the market is building excellent support levels on the way up. The first of these comes in at 12,300 on any retracement, with major support at 12,100 and 11,900. The market is gunning for a Koizumi victory at the upcoming election, which will hopefully herald a new era of reform, with postal privatisation coming back on the agenda. As for the Dow Jones, we remain pretty neutral at the moment, with the index still fairly range bound. However, the weekly chart suggests a potential break out over the coming weeks. Indeed, the key levels to watch are 10,650 on the upside and key 10,200 support on the downside.
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