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HDFC Down 7% - No Surprise

One of the comments I've heard is that if oil is up, demand is up therefore global growth is occurring. It is pretty clear that there has been demand destruction due to the recession in the US, and emerging markets are feeling the pain as well. But to set up the next big rally, we needed oil to get back to the 40s, so that emerging markets can start building up again... so oil being down is a good thing for emerging markets as are a floor on foreclosures in the US because that will help the Housing ATM to tick again...The correlation between foreign emerging companies and oil will cease hopefully soon.