Market Comments - Weak Global Cues

US markets fell yesterday due to poor housing data and markets were worried about economic recession. It has been a yo yo ride for the US Markets with some data or the other pouring in and markets reacting accordingly.

Our markets will also open weak reacting to the cues and also we may see some correction as market has already moved up 2000 points very fast. We could have seen 16K quickly but for the cues from US which gives bears upper hand for the moment.

This also gives another opportunity for those who missed to buy stocks in earlier fall. My target of 16K is intact and it takes a few days for markets to move up in a jiffy again. The trend in the past month or so reminds me of a puzzle which asks the time for the monkey to climb a pit of 50 ft where a monkey can climb 3 ft in an hour but skids down 2 ft again in the next hour. Our markets also in the same situation but you will see 16K very soon.