Vikram Saxena's  Instablog

Vikram Saxena
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Vikram is an electrical engineer by training and has held a variety of roles spanning multiple industries. He started his career in the semiconductor industry in the Silicon Valley, before moving to a proprietary trading desk at a bulge bracket investment bank in New York. Vikram has also... More
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The Inquisitive Mind
  • Gap-Up: But Risk Appetite Waning 0 comments
    May 18, 2009 10:20 AM | about stocks: PIN, INP, IWM, SPY, QQQ

    The market gapped up open with the big financials leading the way.

    However after the first fifteen minutes the market saw quite a bit of profit taking. The selling was concentrated in the more risky sectors, especially the Russell2000 (NYSEARCA:IWM) and the Nasdaq100 (QQQQ). Clearly risk aversion is the theme; even with the gap-up open, investors are taking the opportunity to book gains.

    The Indian stock market is up a whopping 17% today after the election results. Though this is a huge jump, it just brings the Indian stock markets to similar gain levels seen by other BRIC markets. However, the bullish sentiment has clearly returned in that market, and buying pullbacks may work. And for a change, there are economic fundamentals which will support the bull run; not just the sightings of green shoots. 

    Stocks: PIN, INP, IWM, SPY, QQQ
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