古河電公記 四｜朝の奪還、引けまで守れず｜2026.10.26
The morning recovery did not hold Furukawa Electric opened at JPY 2,844.5 (09:00), down 1.73% from the previous close of JPY 2,894.5. The high of JPY 2,957 at 09:27
The morning recovery did not hold
Furukawa Electric opened at JPY 2,844.5 (09:00), down 1.73% from the previous close of JPY 2,894.5. The high of JPY 2,957 at 09:27 exceeded both the previous close and 23 October's JPY 2,905.5 high. It subsequently recorded JPY 2,829.5 at 13:09 and closed at JPY 2,840 (15:30): −1.88% close to close and −0.16% open to close. The close was only JPY 10.5 above the low, in the bottom 8.24% of the daily range. These timestamps establish the sequence of extremes, not the complete intraday path.
The close was 1.14% below final VWAP of JPY 2,872.64. Volume was 15,290,400 shares, 40.88% below 23 October. That is a one-day comparison, not RVOL; lower volume alone does not establish exhausted selling. My reading changes from 23 October's strong closing recovery to a recovery that failed to hold into the close. This is a price observation, not a finding about earnings or orders.
PTS and margin positions
At 20:26 JST, PTS was JPY 2,866, 0.92% above the TSE close and 0.05% above its own VWAP of JPY 2,864.67. Its high was JPY 2,884 (18:08), low JPY 2,817.1 (17:01), opening price JPY 2,840 (17:00), and volume 17,400 shares. It remains a timestamped evening observation, not a final close or next-session forecast.
For the week dated 23 October, margin longs rose 730,700 shares (+4.02%) to 18,915,400, while shorts rose 33,600 (+6.68%) to 536,500. The ratio fell from 36.16 to 35.26 because shorts grew faster in percentage terms, even as longs increased. A lower ratio does not mean long positions were unwound. These balances cannot describe 26 October's positioning or identify today's sellers.
Next observations and valuation
Historical references are JPY 2,829.5, the JPY 2,840–2,844.5 close/open area, final VWAP JPY 2,872.64, previous close JPY 2,894.5 and today's high JPY 2,957. Sustaining above the next session's own opening price and live VWAP, then retaining a recovery above JPY 2,894.5, would improve my interpretation. Renewed lows and failed rebounds would weaken it. The historical levels are not established support or resistance.
PER 19.03 is below the three-year average 23.23, while PBR 4.57 and PSR 1.31 exceed their averages of 2.56 and 0.72. Definitions and earnings bases remain unverified; these comparisons do not establish cheapness.
Shared tables preserve all supplied figures. Market data are TokyoBrainie's supplied record, not independently checked for this entry. PTS is attributed to JapanNext. No new company disclosure, catalyst, peer comparison or intraday chart was independently verified. Returns use the supplied figures, with rounding. This is retrospective research, not a trading recommendation.
Closing reflection from Hagakure
Hagakure records the teachings of Saga-domain retainer Yamamoto Tsunetomo, written down by Tashiro Tsuramoto. In Book One, the passage beginning “短氣にしてはならぬこともあり” contains 「先づ堪忍が第一なり。」 My translation: “First, patience is essential.” The surrounding passage also stresses prompt action when the right moment arrives. Japanese transcription, frame 26
My application today: patience means continuing to observe without forcing a recovery narrative; it does not mean holding a losing position regardless of evidence.
