Pri Market Commentary ..

Today, we see a strong opening, and if all goes well, a bright day for the bulls. Like we said, the windshields don’t offer a clear view as yet. Do not overlook the raft of grim news (both economic and corporate) over the past several days, including Thursday when our markets were shut. They point to a rapidly worsening economic and business climate around the globe. Global recession is more or less factored in but the crux of the matter is the crisis appears to be worsening by the day. The slew of steps taken by global policymakers to stem the tide do no appear to have bore fruit as yet, except for the softening in Libor rates. When will this bloodbath end? No one really has the answers.

Leaders of G-20 - a group of leading developed and emerging nations - are scheduled to meet today in Washington to discuss the financial meltdown and the global economic slump, along with fresh remedial measures. The yen rose against the dollar and the euro on speculation that the G-20 summit will fail to reach a consensus on how to kick-start the global economy. Under debate are proposals ranging from curbing executive pay and restraining hedge funds to raising capital requirements for banks and subjecting credit-rating companies to stiffer oversight.


But, as usual, we continue to advocate caution.