"No one is really convinced the market hit bottom," said Paul Migliorato of Jardine Fleming Securities.

"I just put out a sell note to our clients," said Bernard Siman, an analyst with Jardine Fleming Securities here.

Masami Fujino, an analyst at Jardine Fleming Securities, also applauds the company's shift toward information technology.

"A little manipulation keeps everybody happy," said Paul Summerville, the economist here for Jardine Fleming Securities.

"This is really more than the economy can handle," said Eric Rasmussen, an economist at Jardine Fleming Securities.

Paul Summerville, an economist at Jardine Fleming Securities here, said there were clearer signs now that the economy was cooling.

Steven Myers, an analyst with Jardine Fleming Securities in Tokyo, said the combination of the two companies appeared to make sense.

"If we can hold near 20,000, the banks are likely to be okay," said Robert Zielinski, an analyst here at Jardine Fleming Securities.

Even John Baldwin, the strategist here with Jardine Fleming Securities and a bear on the market, said he saw some good buys.

"This is just the final word," said John Crossman of Jardine Fleming Securities in Shanghai.