Stocks in New York fell over 2% after massive job cuts at Citigroup and news that Japan had slipped into recession. The Dow closed near its lows for the day at 8273 while the SPX ended at 850. Indian markets staged an impressive afternoon rally and only closed marginally down. The Nifty ended trading at 2799 and the Sensex finished at 9291.
So no retest in New York today but the real possibility for a lower open tomorrow. I'm doubtful we will see Dow 8000 here but it's still possible. Nifty 2700 is very likely tomorrow. After that, perhaps a lift.
