India opened stronger than most in the region, in wide ranging rally: financials, real estate, metals, IT, refiners...you name it and they were horny. The Chinese market was reeling from the earthquake but India did the bhangra. The currency however was as weak as ever, pushing into 42 territory. The gorah MD and I sniggered to ourselves as we got out of our long positions, couple of hundred grand in the first 15 minutes. We began checking out pics of the World's largest swimming pool (in Chile) and biggest cow (6'2 at the shoulder, and like all fat cows, from England).
But apparently overweight cows aren't the U.K's only problem. They released the worst housing and inflation data in ages. As you might have realised, the European fund managers have been so badly burnt that they sell their grandmothers on the first sight of trouble. So the sell-off began, catching Mother India like a deer in the headlights of a speeding Land Rover. Stocks turned on a dime, and the leading sectors of half an hour ago were down 1-2%, the laggards, well the laggards were belted like a Tamil boy with bad Maths grades. The market closed on its arse-hole and we should see another bitch slapper of a day tommorow. Thankfully we were too busy laughing at the cow to add to our long position so we made it through the day with that first few hundred grand.
And the gorahs laugh when we say cows are holy.
Sectors to watch: Metals on a regional rip (Hindalco, Nalco, Hindustan Zinc...Sterlite is a pile of shite)
Sectors to stay the fuck away from: Fertilizers, Sugars, Oil and Gas (that game is OVER baby) and Refiners (oil fucks you both ways, it is a violent Arab bitch).
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