BSE SENSEX Implosion

Discussion in 'Stocks' started by drsteph, Jul 1, 2008.

  1. Down 3+% overnight.

    Down 40% since top in January.

    10,600 is a 50% retracement.


    Full disclosure: long MAPIX (not MINDX, IFN, or IIF. Phew!)

    & what's up with mittal being given board membership at golden snacks?
  2. S2007S


    Why anyone is surprised by this is I dont know but did you really think the rallies in these markets were going to keep going, that index had such a run it was due for a correction, now with every other country slowing down including ours the next thing to sell are commodities, that trade to me is going to be over sooner than later, also sell emerging markets, that trade has been over for months now.
  3. empee


    what does Mittal being given board membership at goldblum smacks have to do with the Sensex?
  4. Well, I don't think anyone is really surprised by it but the chinindia trade is really two separate trades. India is a partner, china is a competitor. India service based, China production based.

    I'm simply commenting on it. Seems to me once these foreign markets reach 50% retracements, there is relatively little additional downside. Recall SENSEX's 30% retracement in Spring-Summer 2006 and the resultant rally. While I am NOT suggesting such a thing at this time, as world conditions are different (and rather poor), I am wondering aloud where and when the sensex will be a value play. As far as shorting EEM, I have absolutely no opinion. Too many divergent markets.
  5. Nothing aside from the general topic of india.

    Tense morning, eh?
  6. Didn't Soros explain just in March how India and China would outperform and how he's short SP500 futures and long Sensex and Shanghai?
  7. Cutten


    "just in March"??? This is Elitetrader not Elitefossil! I'm pretty sure Soros got a backache between then and now.
  8. Well, he's probably right longer term. However, it does matter where you get in doesn't it?
  9. empee


    No, just calling u out as a racist, doc.