The Unprecedented happenned on wall street yesterday. Dow Jones plunged 1000 points (700 points to be specific in a matter of 15 mins) sending panic signals to investors. While the unusual activity is being reviewed by SEC and other regulatory agencies, one of our sources say the trade happenned in Procter & Gamble counter between 02:40 and 03: 00 PM EST. Nasdaq announced it will cancel all the trades on behalf of participants.
"Massacre" is the right word to use. The Tape was shaken with ferocity of the fall. Investors are dumbstuck. If the close on the wall street had been miserable we might have seen a Black Friday across the world today. Dow Jones ended the day with a loss of nearly 350 points pushing Austrialian stocks down. Australia lost 4 pct in the last 2 days.
Indian Markets - Resilient
Indian market performance is far better than the rest of the markets on the globe. But one should understand we might not be able to hold on for longer period. Indian markets are likely to tank today and any pull backs should be used to get out of equities. We were suggesting the same in this column from the past one month. We were bearish and continued to be bearish courtesy the soverign debt concerns. We failed to time the correction till last month but we figure the correction is round the corner and were right on spot this time