One of the great rules of trading based on trend following.
Don't sell short or go long into a major moving average.
i.e do not mess with the trend.
5k area is the domain of the bulls. thats the 200 dma area.
We're going to be buying :)
I know I am
5000 calls
and maybe some investments in midcaps near a p.e of 5
I like Patni. Some news of a buyback as well, the book value is around 211 which is also around the recent low that the stock made in jan/feb.
What amazes me about this market is that on the one hand people worry about a recession and on the other hand you got metals trading at a p.e of 10 while gr8 companies with solid cash flows are trading at a p.e of 5 or lower and some stocks are even lower than book value.
Wouldn't mind picking up something in the metal space if I see a p.e of 5.
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