ENTER THE IMF

I wake up in the morning and the first thing I see is that SGX Nifty is trading higher at 4770. I really cannot believe my eyes and so quickly check the TOP news for some reasons. What I see is unbelievable. Some story about IMF readying a 600bn dollar loan to Italy. Last I heard, IMF was still an institution that was funded by most nations in the world and therefore was supposed to be a lender to almost all nations. It was NOT meant to be an institution that could be used to as the lender of last resort that will use a significant portion of its reserves to bailout one nation!

Actually I must admit I do not know the total amount of reserves with the IMF and I really do not know whether the 600bn dollar loan to ITALY will be a significant portion of its reserves but like all good analysts I am willing to sacrifice accuracy for sensationalism! Anything for a good story or a good line I say!

But despite the best effort of the IMF to rally the market, I am unlikely to be stopped out of my short positions. My stops are so far away that they are unlikely to be triggered by any knee jerk rally based on this news. I am short and will continue to remain short until 4953 is taken out. Given the fact that I might have nothing to do today, maybe I will use the time to read up Traderman Diaries or expand on some of my habits of Effective Traders which means that in the coming days you might have to face the consequences of my inactivity today!