S&P continues its uptrend. So does the Dollar Index. Nifty has been a buy for the last 3 days from 5032 levels. Hopefully, against all expectations, the Nifty will cross 5300. Most important for me since the year end for the prop book is March 31st. After dispensing with the most important but boring part, let me go back to my yesterdays take on the Daily Morning Note.
Is it not worth asking how did this practice of writing a morning note start? Surely this started from the desire of every broking house to touch base with clients on a daily basis to remind them of their existence. Clearly we brokers could not just say that I called you to ask for business so we had to couch it in the form of a Morning Note that apparently adds value.
But if you think about it daily value addition is an oxymoron. Cannot have it as a daily and add value at the same time can it? So I think it is time somebody stops pretending that he is adding value and plain and simple says that this note is here just to get you to open it and then get you to remember to give me business.
To be honest, I am surprised brokers have not already thought about that and dispensed with the Daily Note writer altogether and just googled the daily Calvin or Dilbert for you! Now that would be a note that would get picked Daily, wouldn't it?
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