The Japan iShares (EWJ) are approaching ten year highs again. The Cabinet Office in Tokyo today reported that first quarter GDP grew 3.3% in Japan, up from a preliminary 2.4% reading, and investors globally barely noticed. Click here to see the Bloomberg story. Could this be a good sign? The Nikkei 225 reached an all time high way back in 1989..that's almost 20 years ago. Investors have been burned time and time again buying the recovery theme in Japan, so it isn't surprising to witness the blase response from investors after hearing the latest economic report. But that's the rub, or the opportunity, as the market apparently is shrugging off this latest bit of good news. Watch EWJ closely to see how it acts once it pierces the 15.20 level. If she blows through resistance, burger fans wont be holding the pickle, they will be asking for the works!
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