Wednesday, February 28, 2007

Stock Market Correction Worldwide on Budget Eve!

As I write this all the markets are plunging like nine pins. Emerging Marekts are plunging ina global meltdown that is making me sit up. Most of the Indian ADRs are also losing 5-10% upwards. Icici Bank ADR is already down 11% China is down 8.8% as of now. Mexico down 6%, Nikkei down 600 points, Dow is down 400 points. Blood Bath?

What is dangerous is the fall is thye chinese market. Holy Cow 8.8%.
The budget will be irrelevant after all.

An incorrigibale speculator, I had betted big on a n0n-populist, market friendly budget and had taken huge long positions. But the Global Meltdown is Huge. Even a 100% cut on corporate tax will not do any good on Sensex today, I guess. Chidambaram save me...

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