US dropping like anything damn i hate holding stocks lets hope for the best.Today commodity expiry is the big manipulation gold has fell BIG.
And this is after better numbers reported by most companies in US today. Only disappointment was New Housing Starts which dropped to 4% but given the fact that most of the roads were inaccessible in US in December that was a very likely result and also Bank of America coming out with a loss.
It seems gleamingly obvious now that just like last month we ll barely cross the resistance level of 5300 until expiry which will provide just enough motivation for people to buy calls in the range of 5500 and more only to give another range bound month in February.
Lets see how Dow and Nasdaq hold out I have a gut feeling that they will recover a lot from their lows I would stick my chest out and say that maybe they ll close down but below 1% not the level we are seeing now, I have bought every dip but things are looking rather bleak after an amazing start to the month now there is a major threat in our markets just like what happened in China when the IR goes up or CRR hike happens on 26th Jan.
Still optimistic on Blue Chip firms and that is what I m holding right now. All the technical indicators are indicating oversold positions in almost all the major blue chip companies for weeks now but lets see how much longer before we get our desired direction.