Thought for the day
"An invitation to a wedding invokes
more trouble than a summons to a police court."
—William Feather (American, 1889-1981)
Word for the day
Truepenny (n)
A trusty, honest fellow.
Malice towards none
Task force to win Olympic medals!
genius!!
Ain't it?
First random thought this morning
The boisterous herd of global traders and punters has found a new worrytoy
in the Italian constitutional referendum, to play with. The referendum is
likely to take place in late November.
This is after Brexit did not play exactly the way this herd may
have wanted it to; and Trump appears offering much less resistance to Hillary,
than earlier anticipated.
Italian referendum is being marketed as critical for EU survival.
Nifty:
near term sluggishness, but no signs of a collapse
The momentum in the market has completely collapsed, as the market
participants wait for a material trigger.
As suggested last week (see
here) the market participants, and hence markets, may continue remain in
the wait'n'watch mode for few more trading sessions.
In the mean time Nifty is close to completing a good correction on
the daily charts, obliterating most of the overbought conditions. 8490 on
closing basis is a strong support on daily charts.
The corrective formations on the weekly charts are also showing
encouraging signs. Despite three consecutive negative weekly closings, there is
no sign of a collapse taking place there.
I shall be watching India VIX and volume charts closely for pick
up in the momentum. A bottoming out in VIX, which is at almost lowest level in
two years, shall trigger a 10% very fast move in the market.
My wager, like the majority view, would be on an the up move.
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