The Howard Roark End

The S&P rallied to an intraday high just half a percent shy of four figures before closing around 1% up for the day. Earnings surprises and calm in the Chinese markets helped the European and American markets post strong gains.

Once again the Dollar was negatively correlated and fell during the day. However, what I said yesterday is not negated yet and there is still a reasonable chance that the Dollar has bottomed out and that we will see a Dollar rally in the coming days.

The Asian markets continue their uptrend. The Nifty in particular had a strong close yesterday. I had said yesterday that we need to see the Nifty trade above 4610 to be confident of an uptrend. It will in all probability happen today.

Since yesterday I have started the practice of writing about 3 stocks and 3 indices. I hope I can continue with this.

RIL: Currently Neutral: Buy trigger revised downwards to 1960. Buy on cross of 1960 for a target of 2300.

ICICI: Changed from Neutral to Long: Yesteday when it crossed 745 the long position was triggered. TArget 840. Stop 715.

Infosys: Currently Long. Continue long with a stop at 1890.

HSI: Currently Neutral: Long above 20680.

HSCEI: Currently Neutral: Long only above 12460.

KM1 Index: Currently Long: Sell only below 193

NZ1 Index: currently Neutral: Long only above 4610.

We are now done with our Market Musings part. Now to talk about the Etc. One day while travelling back late, I heard on the FM radio an interview with Dev Anand the legendary octogenarian actor. He has entertained us with some unforgettable films in his youth but of late his films have failed to run for more than 1 and half shows at the cinemas. He has been completely out of touch with the audience and yet he continues to rush ahead into new film ventures funded out of the royalties of the past.

This strangely brought to mind--Howard Roark. Yes the protagonist of the path breaking Ayn Rand novel Fountain Head. The epitome of all that is good in a man. The one who chooses to struggle in obscurity rather than compromise his artistic and personal vision. I had always wondered what would have happened to Howard Roark if the novel had not ended where it did with him on the top of a skyscraper he is building and Dominique Francon travelling up to meet him. If the novel had been taken to its logical conclusion. Howard Roark, successful in his middle age and then continuing to live on till old age. This interview I heard of Dev Anand brought to mind a sad possibility. May be Howard Roark would have ended up like our legendary actor. His vision no longer in touch with the times. Yet the hero, like our actor is bound by the pursuit of his own artistic vision and therefore continues his struggle which is now at odds with the times. The man a shadow of his past. Are all heroes better off dying young? A tragic thought really.

I wondered what brought such strange and melancholy thoughts to mind. Then I remembered. It had been a bad day for me in the markets. No wonder I was having these kind of gloomy ideas!!!