Got the data...

First up good news... Hard drive data has been retrieved. Bad news, cannot get it today. Can collect it tomorrow. So guys, please wait for a day more for the charts.

Another text post in between should keep you entertained... Before we talk about markets or economy, would like to answer few comments made by readers on the blog.

First, it had been asked many times, but the answer is no. I am not a market analyst. The only market connection I have is through my dad who also used to be an active trader once upon a time. Learnt most of the things from him. Otherwise I am just a normal person working in IT. So sorry to disappoint.

Then second regarding continuity in blog... Those of you who have read this blog from start would know the Genesis. I started writing here for few of my friends who were never tired of asking me same questions again and again. I was tired of explaining them so on advice from one of them started penning down my thoughts. Surprisingly I also started enjoying and so I continued. I do not know how but I started getting lot of other visitors, readers and hence expectations started to rise. It was not possible for me to write everyday as I said I am neither a professional trader not an analyst. I am just a normal person who have relatives getting married, falling sick, who goes on vacation in summer and also goes on site as an IT worker and sometimes just chill out.

Honestly with the mails, comments I am getting, I would want to write everyday. That, friends, is not possible at least till end of this month. We will see how it goes after that.

Then the questions regarding posting of daily supports, resistances, trades, etc. I feel this blog may not be the best place for it. I do not have access to it all the time. Will work out something.

After all this rant, let's also talk some business. As for the markets, it is a dull and flat world. We are probably waiting for formation of government in Greece or some other event to get clue. Till such time sector or stock specific muted action will keep happening. QE3 or another LTRO is what market participants may be hoping for which may do more harm than good in the long term.

But the real action, I feel is going to unfold in commodities. Watch out all precious metals and crude. Will make a techno-funda post on them at the opportune time.

Will write more soon. Till then, happy trading.

Greece proposes RBI disposes

Well, what else can I say?

Greece results, though very close, allayed lot of fears around the World. Announcement from New Democratic party that Greece will remain part of Europe was a Masterstroke. We would have done very well and important resistance levels on the charts would have been taken out had RBI not spoiled the mood of the market.

But honestly, not cutting the rates is a good move I would say. Cutting the rates does not impact either inflation or growth in present context. These are affected more today from supply side constraints and policy paralysis respectively. RBI is right in keeping the real interest rates in positive territory (higher than inflation). In any case weaker rupee is better for us as I said earlier. A trader in me would have benefited with a rate cut though. Some other day perhaps.

Update on my hard drive; things are still bleak. Not much sure whether it will be back today.

Bear with the text only posts till then please.

Greece Elections Update

Polling is over in Greek Elections. As per the first exit polls, New Democracy (27.5% to 30.5%) and Syriza, anti-austerity party (27% to 30%) are neck to neck and the actual picture may become clear very late in the night.

Half a percent point is too close to call and no central banker or politician in Europe is sleeping tonight.

As for my Comp; I am not able to install charting software on my office laptop hence unfortunately cannot upload charts here. Will try to recover data from hard disk tomorrow and should post one thereafter. Till then these small posts will have to make do.