Tuesday, August 26, 2008

Way to go -------- Bear way

So the volatility that was predicted for this week remains to be the highlight for the first trading day of the week. The topsy turvy will continue as on one hand the Bulls want to make a niche for themselves with technicals playing half the spoilsport and international markets being the other half. Bears - are too putting up a fairly stiff competition. There may be another way to put this - neither has that killer instinct to prove it.

I will also apologise for not updating the blog on time but was busy. Actually my HTC Cruise crashed and I sat through the night updating its ROM and bringing it back to life. Just could not get up in the morning to see through the Blog.

Anyway - I take it as never too late. Well on the International front - Europe was with the FTSE green at 2.52%, and the rest both trailing red with DAX 0.72% down and CAC 1.01% down. US was confidently red with the financials dragging it under - DOW down 2.08%, Nasdaq down 2.03% and S&P 500 down 1.96% - well that is an average 2% drop on account of the financial companies losses. Nikkei, HangSeng and Strait Times opened red and remain red. Only Nikkei making an attempt to come to terms with the situation and trying to recover. The others remain steady down and under. Ofcourse we know where we are this moment (1025 AM) - trailing red. Nifty down 27 odd points and Sensex down 76 odd points.

On the candles nothing spectacular has happened with most of the indications giving no sign whatsoever since yesterday. the bullish indicators remain bullish and bearish ones remain bearish. The bollinger bands have stopped growing - so we may see the last few days worth downtrend reversing - The small white candlestick that you saw yesterday - just by the way was on the least volumes the we have seen on nifty in last three months. MACD remains bearish. RSI confused and Slow Stochastic bullish. So like I said yesterday - take your picks.

I have not forgotten the Bongaigaon Ref - will post definately when the balance 50% has to be thrown - or the towel for whatever it is worth. Best of luck and at the cost of repetition - be hedged.