When did we last saw this- Index was down but gold also went down. Oil was down but auto sales and airline companies were also down and so were all industries which use other chemical raw material from crude like paints. There is a disease in the air and yet pharma companies and hospital shares are also down. Rupee is down (as compared to USD) and yet IT companies are not up!
This is different. This is not a normal slowdown or recession. This is insane panic. And hence these times are not for traders. They in fact are best times for investors with loads of money who can patiently start investing in some great companies,one by one.
Tonight Dow Jones in up- but tomorrow morning Dow futures could be down which in turn would guide Asian markets and SGX Nifty to open gap down which then would prompt us to open gap down. So we can't know what will happen tomorrow and also the extent of swing- because Nifty and Banknifty are swinging +/- 2% around mid point. And that is why I have attached INDIA VIX chart , pour volatility index. Look at the levels. 62.92 is much more than what we saw during May 2009 (world recession time due to US sub-prime crisis). So let trading be led to rest for next few days till some common sense prevails. Right now, there are no levels, because there are no supports and no resistances- its just free fall.
This is different. This is not a normal slowdown or recession. This is insane panic. And hence these times are not for traders. They in fact are best times for investors with loads of money who can patiently start investing in some great companies,one by one.
Tonight Dow Jones in up- but tomorrow morning Dow futures could be down which in turn would guide Asian markets and SGX Nifty to open gap down which then would prompt us to open gap down. So we can't know what will happen tomorrow and also the extent of swing- because Nifty and Banknifty are swinging +/- 2% around mid point. And that is why I have attached INDIA VIX chart , pour volatility index. Look at the levels. 62.92 is much more than what we saw during May 2009 (world recession time due to US sub-prime crisis). So let trading be led to rest for next few days till some common sense prevails. Right now, there are no levels, because there are no supports and no resistances- its just free fall.