A Note on Morning Notes

Disclaimer: This is the note I sent to my friends and clients in the fund management industry. So it could appear as not relevant to a blog post.

The S&P dropped down again and erased all its gains of Tuesday. The Euro concerns have spread to envelop France too. Gold has rallied as expected and paper currencies continue to yo-yo in a series of competitive devaluations. You may ask why I am writing all this. Clearly this is well known and adds no value to anybody. But then since when did morning notes become anything about adding value to anybody? Isn't its role more like a student marking his presence to a professor? The morning note's job is to tell the client that I exist and in case you feel benevolent enough and too lazy to type a separate message then maybe you could just type 2 on your berg and send me an order! Therefore writing about things that are well known should really not be a problem. It serves the above mentioned purpose of the morning note as well as any well thought out piece. In fact a note on well known things goes one step further. It is clean and antiseptic and hardly ever could antagonize anybody as much as a note filled with personal opinions!                                              

In any case, since this piece is not really a conventional morning note and none of you really ever send me an order, I am not going to be waiting with bated breath for one! However, the one thing that I can do is to write about what trade I intend to do today. I am currently short on the Nifty and will continue to remain short until 5210 is taken out. At that level I will get out of my short position but will not go long.