Pilot fish and Mumbai Sensex

Victor Niederhoffer often talks about pilot fish, moment in one market indicating moment in another market. Last time a swoon in worldwide markets was followed by US market correcting 10% or so within few days.
Those watching the pilot fish theory should look at the Indian market yesterday, they took a tumble of 400 points.

Sensex crashes by 400 points
It was a bad day for the markets as it saw a savage correction. It ended in deep red near the day's low on account of heavy selling in scrips across sectors.

It was a broad based selling with all sector indices ending in red. The downtrend was led by banking stocks after the CRR rate hike by the RBI followed by the metal stocks.

The Sensex saw a free fall of over 500 points in the mid session and closed with a loss of 400 points. The Sensex saw the biggest single-day fall for Sensex since May 18.

The Sensex closed at 13,399.43 down down 400.06 points or 2.90% at 13399.43, and the Nifty down 112.50 points or 2.84% at 3849.5.

Time to tighten stops and protect profits on open positions.

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14 comments:

walter said...: any thoughts on my earlier comment about China stocks? i lost track of where i made it...

XING looking weak...; Dec 11, 2006, 1:53:00 PM
Pradeep Bonde said...: Not looked at market seriously today, has been busy finishing Chistmas shopping.; Dec 11, 2006, 2:28:00 PM
walter said...: cool...

if you get chance and returning to our topic of failed breaklouts... failed breakout on MON from Sept highs?; Dec 11, 2006, 2:31:00 PM
walter said...: X at critical support; Dec 11, 2006, 3:06:00 PM
Pradeep Bonde said...: CRS may also be setting up on short side.; Dec 11, 2006, 3:22:00 PM
walter said...: CRS looks good relative to TL analysis and neg divergence on vol with most recent run up...; Dec 11, 2006, 3:35:00 PM
walter said...: vol pretty good on NTRI; Dec 11, 2006, 3:46:00 PM
Unknown said...: Interesting point, but I have to disagree short term, at least for the NASDAQ. Today looks like a repeat of Friday going into the Fed meeting tomorrow. Options players are not pricing in premium into puts due to implied volatility as the index drops in price. This is consolidation. I'm looking to buy the NASDAQ calls again tomorrow on the dip for 75-100% intraday.; Dec 11, 2006, 3:54:00 PM
walter said...: UNP today, if closed higher than 4 days ago would be perfect example of Rising Three Methods candlestick pattern...

is a failed candlestick pattern a bad sign? i dont know much about them...; Dec 11, 2006, 4:07:00 PM
walter said...: MER and LEH showing great neg divergence between price and volume... GS showing increased volume on down day; Dec 11, 2006, 4:20:00 PM
walter said...: INFY short; Dec 11, 2006, 4:23:00 PM
walter said...: what we think of oil, crude and oil services stocks?

HOC double top, slight neg divergence with volume...; Dec 11, 2006, 4:24:00 PM
walter said...: damn - volume on GOOG really trending down; Dec 11, 2006, 4:27:00 PM
Pradeep Bonde said...: GS earnings are due I think this week.; Dec 11, 2006, 5:58:00 PM

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