Sea of red all around
The crack started in Asia yesterday, followed by Europe, boosted by US and now back in Asia again. Reason for fall is the same old stories. Disappointing economic data, recession fear, dollar rally..... I said once in my reply that Asia should lead the rally. Not US. That did't happened so far.
Singapore Nifty crossed my stoploss figure of 4766 and now trading 4722. Shanghai recovered some of its losses, but still under 200 DMA. As I said yesterday Hangseng fell below 200 DMA for the first time since May 4, 2009. Dow 200 DMA is way below 9470.
Nifty's 200 DMA now positioned at 4640. This is the key line for me. Whether we cross it today? I afraid. 500 point gap produced by Hangseng is still there. Wheter it go up to fill that gap? Difficult situation to predict.