One Wish

The Dollar volatility is making the current situation very interesting. There seems to be a strong support for the Dollar Index around 75. An attempt to break it is swiftly followed by a move above 75. However this does not suggest that the DXY is rallying. The trend is still down and we could still see a fall that takes the DXY all the way down to 70.

The S&P closed flat for the day after being significantly down mid session. The housing start numbers were below expectations and some tech company issued a bad outlook. Whew! searching for these details is more than I can do on a regular basis. In any case, surprisingly these bad numbers seemed to effect the market only for 3 hours after which it came all the way back up.

I am long the Nifty and commodities. In the evening yesterday I kept worrying about the fall in the S&P. Today I might cut my long positions and go short if we break below 4980. Once that happens or if it happens then I will start worrying that the S&P might rally and pull the market up.

If there is one thing that I could wish for then it would be that I am able to accept that the market can do anything anytime and therefore there is no point in worrying about it. As long as I have an action plan for all contingencies and know how to react to any situation then I need not have to worry at all.

Well to highlight it once again, I am long the Nifty and will go short only below 4980