THE FINAL CALL®™ - Oct 6, 2009

PRE MARKET
The Dow has had a decent pullback yesterday on the back of some good service sector numbers.  Invariably, it seems the sell off on Friday was too steep and Newtons second law of motion took effect on the Dow.  We were on the sidelines yesterday and will remain on the sidelines until the infamous "Gods Hand" shows up with a clear trend.

Surprisingly, even though the Nifty and the Sensex drifted downwards yesterday, there is still some strength in the Nifty as long as it is able to hold the 5k zone albeit though by a hair's breadth.  We reversed positions yesterday and are short on Nifty Futures.  Hold until this position is updated.

No Equity Future positions due to lack of clarity.

We have no opinion on the market.  The market has an opinion and we kowtow to it in humble subservience.
POSTED BY SOMETIMESBULLSOMETIMESBEAR AT 9:24 AM

POST MARKET
A simple V shaped trading day.  You start at A fall down to Z and then climb back to A.  Of course, a day trader's paradise.  For the positional trader, patience tested to the edges of the universe.  As of penning this post, the Dow is up with huge gains and India should expect to shake off the 5080 resistance levels at opening tomorrow.

While the entire month of Sept 09 one saw consistent FII buying, surprisingly Oct 09 has seen institutions selling.  Data suggests today's pullback could be the short covering kind.  In any case, if the Nifty reaches the 5100 to 5150 band tomorrow, the positional short trade would end in a whipsaw.  Infy's Friday results would clear a bit of air.

Gold peaks, Oil up, Dollar hammered.  Australia hikes interest rates, RBI likely to follow.  BSE reduces transaction charges.  Finance minister hints at letting tightly promoter held companies to go public in a phased manner.  Boeing in trouble.  OPEC to go with dollar on oil trade.  Not that any of this news matters.  Global markets are moving in tandem and there seems to be a definite pattern that seems to be unfolding.  Time will tell.

There was an article on the 10K curse on the Dow that made good reading, can look for it in today's tweets.
Another writeup on the India closing - http://www.istockanalyst.com/article/viewarticle/articleid/3531444

We continue to hold shorts in Nifty Futures overnight.

US MARKETS
The Dow is at the moment in a triple digit upswing.  Why?  Because the Australian's hiked interest rates.  Flimsy and fickle.  We are out and hold no positions.  The Dow can go climb up Kilimanjaro for all we care.  The view is better from down here at ground zero!!!
POSTED BY SOMETIMESBULLSOMETIMESBEAR AT 9:28 PM

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