Monday, June 9, 2008

Just another Maniac Monday.... wish it was a sunday... that's my fun day

There is no use doing any analysis. The markets will do what they have to do -- but now that I have decided to crystal gaze -- I will also do what I have to.

The candle formed on friday last was black but not bad. The market could not breach the Thursday's lows. The candle made on friday closed well within the body of the previous candle. Another consolation was that it did attempt higher levels and after not sustaining them still did not crack in real sense. Had it some how held on to 4700 levels or better it would have been nice. In any case nothing really matters too much as the way DOW and NASDAQ and S&P500 cracked by 3% and the kickstart of Asia in red by 2% -- it remains to be harbinger of bad news for us. All this is well but I still see recovery on the cards inspite of the expected weak opening, asia is slowly but steadily working its way up. Infact as I would like to put it across -- the bears are really overdoing it. The fall is too rapid by all means. The bears are now too overconfident -- the idiot boxes are shouting shorts and this is the time to be cautious with the shorts. They may work but remember -- they may not.

On the downside the support level (if any real support exists) is dropping down every day now nearing 4469 levels. If market drops below this level then it would confirm that is not Wave C that was discussed in quite a detail last month.

On the TA front there is nothing much. Same sh*t different days different ways. MACD is down and once again divergence between the slow and fast line is on the increase. RSI is bearish and StochRSI is at zero levels and I am now unsure of myself when I say that it cannot be kept at these levels for so long. TRIX continues to face down. Jaggu dada says that TRIN is neutral and global bad news will effect is what we all can see.

All's well -- I still feel it is wonderful opportunity to pick up gems and never before seen prices -- but that is what I feel -- no idea where the bottom will be.



Rajandran said...

Covered my 4 shorts at 4440. Which i holded right from 4986. Lol. Nearly 540x4=2160pts gains
2100pts to me
60pts to my R.M
Let him enjoy
What do you say.


S S Cheema said...

WOW -- that's nice - but why cover now?
thought you are now advocating 3500

Uma said...

cheema, I don't track those shares you mentioned, but I feel safe buying commodity & telecom stocks, which I have been tracking for years.
I bought 3 lots Nifty CE 4700, plus I added ACC future today. And I'm short on Infy. If it crosses 1966, I'll think about buying calls, so it will be a straddle.
I hope we'll see 4500+ tomorrow.
Long live our longs! ;)