is this breakout day, page-32

I did say that market is irrational. Yesterday, we have already reacted to the bad news regarding AIG. The US did not have a chance to react because the news came out after closing.

Last night, the market was "annoyed" with Walmart forecast for a lower retail number in Aug. Most of the retailers got hammered and because Walmart sits in the Dow index - it caused considerable damage.

Then JP Morgan and Citi have to settle with SEC over some securities auction stuff. Further damage to the Dow.

Then the poor weekly job claims.

The bright spot - higher Home Sale.

Perhaps, Our Funds saw through these and hence, come in and buy because there was nothing (in my opinion) that is that absolutely end of the world.

Tonight Freddie - yes more bad news. Day in day out - bad news in the US. I am sure the US investors are probably quite sick of hearing them.

It is still early yet - our market can do all sort of funny thing.


JK5