Nifty Recap For The Day !!!

Wham bam thanks mam ..oops I meant thanks Nifty! We opened alright but then decided the way up is not for us. With a little help shove from the politicos, rest was easy; we fell on our own weight. With most of the triggers having dried up, all we needed was a threat to the ruling coalition and an uncertainty of early elections. Adding to the woes was a weak opening in Europe; the rest as they say is history (nevertheless a fantastic and a clean short in intra day play). I had advocated a small long at 4840 levels with a very tight; I repeat very tight stop loss a wee below 4800. It was better to be wrong and safe than to be wrong and sorry. On the hindsight 4800 now looked like a mirage; a false hope. It was just not expected that 4800 would break for a song. On the daily chart, 4600/4620 seems to be the only hope for the bulls. We might witness harsher volatility there, because below that, the bottom looks endless with the first halt at January lows. Like I said earlier we have run out of all triggers now we would be moving solely on basis of global cues or on our government efforts in trying to make better sense of economics while keeping the coalition intact. Anyway these are just explanations to keep one self happy. In throes of our irrational exuberance we fail to see the underlying internals of the market. The bitter truth is also that if you view weekly charts of some of the indexes and heavy weights, you would see most of them are in the process of making HSP tops. Well as the saying goes “when in doubt stay out”; maybe this is really the time to stay out and let the dust settle a bit. Damn…this is the hardest thing to do….I wonder why we are so allergic to keep cash in hand? In fact these are the times when we not only loose the cash we loose the hand too! I am myself tryin2control THE URGE!!!

"Shoot for the moon. Even if you miss, you'll land among the stars."

Les Brown

this sounds cool to me, if I fail as a trader, maybe I will get a job of being a star analyst on CNBC!!!