| Market overstretched in short-term
Data does not point to start shorting as yet. But if Nifty closes below 5070, a 200-point fall could be expected," said a dealer with a Mumbai brokerage.
“The market is overstretched in the short-term. Retail players are waiting for a correction to enter the market; participation from that front is very low, despite strong foreign money inflows," the dealer said. At 11:10 am, the National Stock Exchange's Nifty was down 98 points or 1.9 per cent at 5087.4.
Bombay Stock Exchange's Sensex was down 327 points or 1.84 per cent at 17,446.42 pressured by Reliance Energy (down 5.61%), ACC (4.73%), Ranbaxy Laboratories (4.2%), NTPC (3.85%) and Tata Motors (3.81%).
The HDFC twins and technology stocks were gainers on the indices. Software shares were steady ahead of second quarter results.
Chicago trader fulfilled dreams of adventure
After more than two decades of cheating death in his quest for world records and heart-stopping thrills, Chicago businessman Steve Fossett died doing what he loved: flying solo, planning his next adventure.
On Friday, months after Mr. Fossett disappeared in a remote Nevada desert, a judge in Chicago declared him legally dead. His body has not been found.
He has been missing since Sept. 3, when he took off on what was to have been an easy three-hour flight to scout for dry lake beds for use in his upcoming attempt to break the land speed record in a car whose engine once powered an Air Force fighter jet.
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James Mound's Weekend Commodities Review
After just barely penetrating the $100 mark crude oil has setup a bearish pattern that could have some legs to it. While it is logical to think that $100 was psychological and not a rational long term price top, keep in mind that much of the last $30 run up has been lacking fundamental support. Market hysteria, fund interest and spec buying have all helped to bring oil prices way out of proportion with supply and demand fundamentals. So it would seem only logical that a psychological resistance point would actually cause a trend reversal. Look at some long term put plays and get on the short side in a hurry. If we break back to new highs then leave some powder dry to double up because it is not a matter of if but a matter of when this market will go adios ga-bye-bye to the downside.
Financials
Economic fears and a doom and gloom speech by Fed Chairman Ben Bernanke has the stock market in a bit of tailspin.
Brokers sweat on Wall Street
The mood today is uneasy, to say the least," said Mark Turner, senior vice president at Mercer Capital, who has worked on Wall Street for 18 years and seen its highs and lows. "I'm pessimistic. I think we are just starting to feel the effects, and by the end of the week the market will be back down to the lows of today." One fund accountant, Kerlyn Pena, strolled outside the New York Stock Exchange clutching former Fed Chairman Alan Greenspan's book "The Age of Turbulence" - which he had snapped up in a bookstore for a 30% discount. He hoped it might give him some inspiration. Newsstand owner Sunil Rally took a more pragmatic approach, saying he had boxes of Advil on hand for bankers if the going got too tough. "I haven't sold any today, but I have it just in case," Rally, 32, said.
Dodds and Ends
My last kind of (statement) to him was, 'Why don't let those of us who you know care about you, do some more with the administration?' His issue with me was -- and a fully respect it -- was, 'I need to feel I'm respected by the people I work for. For others to step in in my place is not something I want to do.' "Then what happened afterward is more than what anybody bargained for. I told him I knew there would be a very adverse reaction, that he would have to be the bad guy because life is simple in West Virginia. "The people in West Virginia had given him unconditional love. (The perception was) he was deserting them so therefore he was a bad guy and a lot of the facts weren't going to matter and they don't. Where is the program headed? "I think Bill (Stewart) is working hard to put a good staff together.
Government faces tough options on fuel prices
Gas and Oil Marketing Companies (OMCs) are targeting to set up 300 to 400 Liquefied Petroleum Gas (LPG) auto stations during the next three years, sources in the industry told Daily Times on Wednesday.
Sources said after setting up the targeted LPG stations in the country, the domestic...
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