There are timeless adages which people would be well-served to remember. Let me quote just one: "Bull markets climb a wall of worries, and Bear markets fall along a slope of hope". The markets have been falling for 9 months during the time that people and the talking heads on TV have been saying things are fine, seeing a quick end to the credit crisis, no more writedowns,...strong Indian economy, falling inflation, India growth story intact, recovery in 6 months (repeated every few months), blah, blah, blah... This is the classic 'slope of hope'. But if you see the news over the last 2 weeks, it seems they've all just woken up to the fact that we've been in a long decline and things are really bad. Judge for yourself whether we are now starting to face a wall of worries, and whether long positions are in order.
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