10k index breaks again
May 30, 2006
I first started this blog when the index broke 10k on March 14th 2006. Having risen from there to a new high of 12,300 plus a month later, it has returned full circle to go down to 9,823 from where it bounced back up to close at 10,118. While fundamentally there have been no real changes in the last month, the pre-budget shakeout was inevitable, and the panic has been well and truly instilled. The Karachi Stock Market has been buggered out of shape in the last few days, a shorter’s paradise !
There will probably be more downside again and maybe a pullback to 10,500-700 but till the budget is announced on June 5th, expect a choppy fucked up ride and take the profit when you see it intra-day. If you have run out of Vaseline in the last month , buy more if you still want to play this market…. or wait a month or two for all the shit to settle and for the July results.
