Aug 20, 2009


Equity markets globally have been waddling around everywhere for the last one month..The S&P 500 has made several crossovers around the 1000 mark. Lots of good economic data has been coming out of late.. the latest today, Philly fed, was encouraging.

However, i am increasingly sceptical of the current rally.. The expected return from a downside move is much higher than the expected return from being bullish, in my view. Target for the NIFTY remains at sub-4000 levels over the next few months.

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