Tuesday, June 24, 2008

Good morning.......... good?

I really wanted to say good morning in-spite of the fact that nothing seems good. As we slept yesterday DOW closed at the zero marker, NASDAQ was down .85 % and S&P 500 was .01 % up. As I write now Nikkei opened in red but is trying to recover somewhat, Strait Times opened green and is struggling to remain there.

On the candles front, except for the fact that yesterday's red candle was small nothing else seems to have changed for good. the support now is at August 2007 levels and that is 4065. so typically the pain remains. TRIX has finally given up and started facing down, MACD red line is below the blue line and facing down, slow stochastic too was showing the same. RSI meanwhile has gone into the oversold territory. slow stochastic's red line too is in oversold territory and will wait most probably for the blue line to join their.

On the political front the fight remains. The the elections and inflation remains a worry. In short nothing has changed since yesterday except the bullish undertone too has disappeared. I'm sure though that one of these days when no one expects turn round we will see a white candle and Rajendran will then post on my blog 'game over'. on the one hand and dreading the market and on the other hand Rajendran. Jaggu's TRIN is what I wanted to wait for but I think that this much is enough to give jitters to everyone so I will stop here and press the 'publish post' button.

Psst... want a good advise? go on leave and enjoy rather than donating the money to the stock markets. Return the day the elections are declared and then think about it. Isn't it so depressing?



Uma said...

Cheema, now calls are available dirt cheap. How bout shorting a future against em? Ranbaxy CA 540 available at Rs 4 when stock trading at Rs. 520. Limited risk!