This was last Tuesday's note: 7 Dec

The Nifty moved up in the first half of the day and I was most pleased. Then it gave up all its gains and some more to end negative for the day and my mood graph dipped along with the markets. While nothing has changed as far as the trend is concerned, my mood highs and lows are something that I have been struggling to contain for a very long time. Despite so much experience with trading, I still need to remind myself once in a while to take a step back and just relax.

Coming back to our markets, I think there is nothing more to be said about it than what I did yesterday. The only change is that I will NOT worry even if Nifty trades below 5970. I would worry only if last weeks low is broken and that is a long way off! The only thing to track is the Euro. Whatever roiled the European markets yesterday seems to have subsided today.

The fall of yesterday has been corrected to an extent today and as long as the Euro does not crack we can all remain hopeful about Nifty. Talking of cracks reminds me of the Aussie cricket team. Who would have envisaged the famed Aussies being subjected to such treatment and that too at the hands of their one time favorite whipping boys-the English. I never thought that I would ever say this but I now feel for Ricky Ponting. One of the members of the Australian teams at their best, he now captains a side that is at best mediocre. Once heralded as a good captain, he now stands derided for captaincy.

It is now clear more than ever before that it was the Haydens,the Gilchrists, the McGraths and the Shane Warnes of the world that gave the Aussie team their pomp and success. The famed Aussie system and strong bench strength was supposed to ensure easy transition. It was almost believed that it was the system that made these individuals great. But all the system and strength could not handle the loss of individual brilliance. It is clear that even in so called team sports it is the happy coincidence of individual brilliance coming together at the same time that makes great teams. Teams do not make individuals.

Finally, I do have a long position on the Nifty. Clearly this note is not an unbiased piece written by a market analyst. But I guess it is far better to read a note from a person who puts his money where his mouth is than a note from somebody who just theorises about the markets!