Rohit, although I had hoped to see some immediate further upside, as I wrote in my post to you the other day, a fall back into the 65-73 trading range was as much a possibility as was maintaining a new trading range. I don't expect to see it break 65 unless China devalues are some other catastropic event occurs. Seems I saw story after story last week suggesting the IMF was ready to go. What in the hell happened, and where is any solid word on the plan. From the stories yesterday, sounded like another 30 days. In the absence of this plan I expect rumors and Congress action starting next wednesday to dictate short term trading. If Congress pulls the same old crap from earlier in the year, not showing up and generally making any progress very difficult, I suppose it could break 65, especially if IMF news is still hard to come by.
FWIW, if I understand, most selling late yesterday occured after the Bovespa closed at 3:00. The majority of the sell off happened on NYSE as CNBC and their devaluation stance seems to have gotten to a lot of folks. In hindsight, that may have been the time to buy but I held off just in case we sell it off going into the weekend. I'll try and download last nights closing numbers on the Bovespa. The sight has been flaky lately...after a few tries to get the file I have been giving up.
The way I've made some cash in the meantime is to trade the trading ranges.
Good luck,
sf |
