With the markets focused on the Central Bankers meet, today promises to be a volatile day as each participant tries to position their portfolios to benefit from the policy announcements they expect from the meet. The problem is that there is so much focus on that one event that any announcements from there are bound to be a disappointment. Once the meet is out of the way, the markets could go back to worrying about European debt.

On the flip side, markets have come down substantially in August and further falls might take a further deterioration in the fundamentals of the economies or an exacerbation of the debt problems in Europe. But with data coming out almost every week, it might not take long for the markets to see signs of further weakness in the European region.

So in these times of doom and gloom is there something to look forward to? The coming weekend for one. The Festival Season in India for another. It has kind of already started and one can look forward to another couple of months of that. If you want one more then mindless entertainment through Hindi cinema. Not satisfied with just these? Then you can wait for the one-day series against England, specially if you are someone with a masochistic streak.

You would not be wrong if you retort that none of the above things are really something you want to be doing. I agree with you too. I just did not have the heart to say that there is nothing really to anticipate in the coming days.

I am short on the Nifty. I will retain the short positions until 4974 is taken out.