Monday, December 15, 2008

US stocks fall; Mumbai rises

Worries over manufacturing pushed stocks 1% lower in New York today as the Dow closed at 8564 and the S%P at 868. Mumbai continued its winning ways as the Nifty ended the session 2% higher at 2981 and the Sensex at 9832.

The modest decline in New York was somewhat disappointing given the harash planetary architecture in effect. Even if we see some buoyancy tomorrow, I'm sticking to my basic position that the downside this week will be greater than any upside. Mumbai looks relatively stronger, but it, too, will eventually succumb. How much lower it will fall remains an open question, however.