Daily Call - July 16 2008

The markets are likely to see short covering in the morning as Crude posted its worst fall since the first Gulf war. On the corporate front, Intel posted better than expected results after the markets closed and upped it’s revenue guidance for the next quarter, making the markets wonder, whether to discount earlier stories of a corporate slow down in IT expenditure. Cisco had said earlier that it saw recovery only by Q1CY09.



With our own volatility Index showing a reading of 49.5%, it may be time for the volatility to cool. IT stocks should provide the much needed lead. Autos, could also join the bandwagon. At the time of writing it is not known, how Asia will open. But I guess, it should reflect some change in the sentiment. Technically, a new low has been made. But the sentiment could be better today, though we are not yet putting the bears to sleep.