Morning Notes

This was the note written on 4th March. We morning note writers have to make every small event sound important else it begs the question-why write about it? The other thing to note is that if we write only about important things then we could write like once in a year and then it could not be called a morning note, could it?

But trust me to scourge the world to find something of importance for you on a daily basis. For instance the Dollar Index has now retreated two days in succession! Do I hear somebody say that it happens pretty regularly and is a random event? Well let me show you up. This rally from the bottom (74.17) to the recent high has retraced the entire fall from March 2009 by an exact 45%. I mean how precise can one get? So this fall of the last two days has to be treated with the importance it deserves. IF you tell me that 45 is not a Fibonacci number and therefore not important then let me tell you that neither is 50 a true Fibonacci ratio but people do look at it as important. Then why not 45%!

Well now in all seriousness, the Nifty became a BUY day before yesterday. The stop for that has now changed to 4932. Until then we remain long. I have also cut down on the Assets being tracked in the Table given below. Unlike what some of you who know me well might think, it is not because I am lazy. Believe me that this cut is in the interest of readability of the TABLE.