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| 17 October 2007
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| black October
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It happened in 1929. It happened again in 1987. It's happening again in 2007. All in October.
The stock market is crashing. run, run, run,
The heavily over-valued BSE and NSE indices opened with a huge negative gap of around 1500 and 500 points respectively. The trading has been closed for an hour and will resume at 10:55 AM.
This is a response not just to the govt. announcing clamping on Participatory notes for FII's but also to the heavy volatility that has been evident in the recent days.
As traders try to book profits and exit from the market as soon as the market opens, we can only expect the market to go down further. The question is not that will the market go down or go up once it reopens, but how further will it go down, and for how long.
Also, rupee fell drastically from 39.31 sthg to 39.81 sthg, the biggest fall atleast in the recent past. Hard to say that it couldn't be related.
For those planning to enter the market, today afternoon or tomorrow would be the best time to buy low and then sell high at a later time.
After all bulls and bears is just a part of life
[published at 10:18 AM]
Obviously I turned out to be wrong, but does being wrong everytime mean that I can foresee the market? |
posted by Rohit Agarwal
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