A plea for more Data

Despite my efforts in finding great reasons to rationalize my SHORT trade on the Nifty, I was forced to cover and go long when the Nifty went above 5225. Obviously the market was not swayed by my powers of reasoning. I was sweating in the night yesterday when commodities and S&P started falling. I really hate it when I get whipsawed.... specially if I have to change a trade one day after taking it. The morning, however, has brought me some relief. As I switched on my bloomberg, it was a pleasant sight to see the SGX Nifty still hover around the 5210 levels and the Asian markets more up than down.

I immediately searched the TOP news for some justification for this. Seems some Chinese manufacturing data has turned out better than expected. What would I ever do without all this data? No, No, don't get me wrong. I can still trade based on my system and do not need the data for putting on a trade. But how else will the world justify this crazy volatility and the sharp moves on a daily basis if there was no data coming out daily? So let us hear it for more data, more numbers, so that sifting information from data becomes even more laborious and allows all of us to interpret the data in such a way that we can all justify any trade we take.

Having vented my feelings like this, I can come back to the market and say that I will cut my long positions and go short only if Nifty falls below 5100 levels. Hopefully that is long way away and I will not be required to trade today!