Monday, 15 September 2008

Lehman goes dow under

We witnessed a blood bath on the indian bourses today, dragging the sensex and the nifty by around 4% each. Lehman Brothers folded up and filed for bankruptcy, AIG is in deep trouble and Merrill Lynch was gobbled up by BoA. Commodities have also shown large movements, gold is up, crude is down and generally all commodities are looking down. This calls for some rethink on our strategies. I think we should hold our horses and not jump the gun. The NSE and BSE are very close to major support levels.
I remember reading somewhere about technical analysts and investment gurus talking about why they went wrong when they predicted doom. All of them blamed the plunge protection team, you can see the plunge protection team in full action right now trying to salvage the situation in the markets. so untill our friend ben brings the moolah in, happy investing

No comments: