S&P staged a spectacular rally yesterday led by the AIG group (+24%). If S&P is able to trade above 901 or in the case of a gap up, above its first hour high, then almost certainly the trend would have changed to UP. Other indices like the European indices continue to be trended down but that could change after todays move.

Among Asian Indices, Kospi has the best relative strength. HSCEI and TWSE (Taiwan Index) come a close second. The Indian Nifty has been among the laggards in the month of June. The current trend is down. However, I will BUY if the Nifty trades above 4135 levels in the coming days.

In the above para I have mentioned about BUY possibilities. Currently we are still in a SELL. Even when a BUY signal does come, I would like to see a concurrent trend change in commodities (CRY Index) or at least metals like Copper (HG1 Index) and Crude (CL1 Index) to be more confident of taking the BUY trade.

You would have noticed that the subject line used to be a very uncreative "Nifty". I was never satisfied with this. After all this note was never only about the Indian markets. So I will change it from now on to a better "Market Musings Etc.".

This years theme is that of the underdog. And it was played again in the first Ashes test. What is it about the Aussies cricket team that makes me so happy when they lose or fail to win a very winnable match?. Talking about Ashes reminds me of that excellent 2005 series that England won. There were many great moments in that series but one moment always stood out for me. The catch Strauss took to dismiss Gilchrist in the fourth test. This is for your viewing pleasure. http://www.youtube.com/watch?v=5vPuO5yrSAM