Theres a theme that is prescribed for those struggling to emerge from the shadows of any kind of trauma, shock, defeat or addiction.
Its a therapeutic Theme Song in a place or position where the exact end of the proverbial tunnel remains uncertain but hope and aspiration stay steadfast and unfaltering.
It is practiced by support groups such as Alcoholics Anonymous, detoxification centers (Champaign & Cocaine being the toast of the season!
) or obesity clinics out west.
Its called One Day At A Time.
That just about sums up the scenario for me.
For the rest there are all sorts of theories doing the rounds, whether about the emerging markets or liquidity or Bank of Japan or hardening interest rates or whatever.
Theres a lot of merit in all that material, dont get me wrong, and theres been a great debate right here at out forum.
Even so, for me, an ordinary trader playing the markets on a daily basis, my song is going to be One Day At A Time and this theme is going to be in place no matter where the Nifty is heading in the near term.
And if I had to sing it set to a popular tune, it would have to be set to that beautiful song: Somewhere Over The Rainbow.
Thats it folks.
Some important step up levels to consider this morning are
3096-3102-3105-3108.
If these can be maintained, then an upwards pressure would emerge at
3115 and
3121 provided these can be held.
Will wait till after the opening and post again.
For supports, the line appears as
3084-3078-3075-3069-3063-3057-3051-3047.
To look ahead over the next little while, if
3121 can be maintained in the near term and not just for today, Id be looking at an important line at
3128-3135-3142-3149-3156-3163-3170-3177.
These levels are in line with my current mantra of One Day At A Time.
Ill keep these updated going ahead.
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