Today, we see the market opening higher after Thursday’s setback. The bulls may be able to hold on to the gains if global markets are supportive, and there is no fresh bad news from any quarter. One caveat though, one should avoid any flights of fantasy given the uncertain scenario.
Imagine. A US Airways plane crash lands into the Hudson River and most of them on board survive. Similarly, US stocks too rebounded remarkably, on news that Bank of America will get a new lifeline from the government. A measure to block the release of the second part of the stimulus plan was dismissed in the Senate, giving the incoming Obama regime the final $350bn of TARP funds. The twin bit of good news put short sellers on the defensive, leading to a sharp snap-back in the afternoon session.
Coming to the Indian market, most participants have been crash landing since the start of 2008 and have found to their dismay that there is no pilot to take charge. In turbulent times, one has to be one’s own saviour and hope for some luck. What one also needs is a bit of a pluck.
