The market came down simply because there was no justification in its going up strongly at this juncture.
Concerns over a possible straining in already tense relations across the Taiwan Strait remained a drag on the market.
A technical rebound after a steep decline for three straight sessions was far from a big surprise.
As of last week, foreign investors had sold over NT$40 billion net of Taiwan equities this month. I see little reason for putting the brakes on the selling spree over the remainder of the month given the lack of catalysts for the bulls.
President Chen made it very clear today that he's serious about the plan. That's very bad indeed, and phone calls just arrived in droves (from clients) asking to unwind their positions.
