26-Oct-17
Dow 23329/ Sensex 33056

RECAP

Our apologies that we were unable to publish this report in October 2017. In our last report dated 04-Sep-17, we said, “We remain cautious on the Dow and Sensex and bullish on the Shanghai, which is likely to outperform both.” We have been surprised by the continued strength in Dow Jones (23329) which has broken well above 22500 instead of starting a decline towards 20000.  The Sensex (33056) has also moved up from 31809 instead of falling towards 30000. Thankfully, our bullishness on the Shanghai paid off a bit, although it could not compensate for our bearishness on the Dow and on the Sensex.  

EXECUTIVE SUMMARY

While we have been surprised by the continued bullishness in global Equities in the last couple of months, we still see limited upside over the next month or two and still see chances of a corrective fall thereafter.

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