morning sayings...

mark faber to other investors,"if you cannot swallow even a 30% correction, don't even bother to get up and out of your bed in the morning"...

mkt ahead...9thdec2010...

a lot of stocks hammering and sharp profit booking is going on in the indian stock mkt. this, while the global stock mkts have been stable or positive. will be a bit of time till stability is reached or after there is some sort of consolidation.

many days back i had given a view and tgt on nifty based upon breakout from intermediate term upward sloping trend channel.

accordingly the tgt of 6340 was completed accurately and nifty is undergoing profit booking since then.

the medium term trend is weak and in a sell mode. the channel upper trendline as expected was tested and provided support for this downmove and nifty made a pullback till upto 6070 few days ago.

currently again a fresh profit booking of the pullback is happening and it may well continue upto 5835/5780 or so. but if it continues further, then again the trendchannel upper end as well as the earlier low of 5690 become important as supports.

re-entering and staying below it for longer period in the channel again can lead to further bearishness/slide in the index and the mkt as a whole.

nifty view...mkt ahead 7th dec 2010...

medium to intermediate outlook:
still bullish with buy on dips kind

short term:
yet to be bullish buy, still in a pullback in which profit booking is happening...near term views/calls as given on twitter

mkt ahead...06th dec 2010...

on spot nifty, after crossing 5884, positive bias has developed on the charts in the near to short term.

a pullback is happening which can continue upto 6100 to 6130. some profit booking is possible there.

follow-up on my crude long term tgts...

on stock market forums readers may be aware of the accuracy of my outlook on crude.

2.5-3 yrs ago on chats and discussion forum/s i had given major tgt 100 and after crossing that straightaway major long term tgt of 150 and no more when even most of the big international fund houses and brokerages and others were predicting 200+ dollars per bbl. accordingly we had reaction from near 148. after which my tgts on downside was 100 initially. on breaking 100 the tgt was revised to fresh one at 70 and when that was also reached i gave a final bottom for crude at 34(some people interested in crude futures and followed the technical forum had actually covered their shorts there). crude bottomed near 35 and then started its pullback.

this year too elsewhere on the blog my major tgts were 90 and 105-110 and 70 as a good support lvl. i had also said so far it was only a pullback of the big downmove that we had in the second half of year 2008.

we've seen somewhere just near/below crude taking support and then slowly moving up.

we now have a breakout on the upperside on crude after almost seven months. my tgt of 90 is done and near to 92 some minor profit booking might be possible. if it rallies up and crosses 110 in intermediate to long term then a relook at revising the long term tgts again will have to be done.