Market Recap: Thank You, India


The Reformed Broker, AKA Louis Lane, here with today’s Market Recap

OMG…India’s Sensex Index literally exploded overnight, rallying more than 2000 points, or 17.34% in one session.

This led to a massive commodity and overseas-exposure rally here in the US with the Dow up around 200 points at the 3:30 look.  Top sectors include Oil & Gas and the Copper names.

Here’s a quick look at the MSCI India Index ETF on a 5 day chart:

India ETN

Nice to see signs of life from a developing nation other than China. I’m not crazy about the reason for the rally (a pro-business regime held sway over a communist regime in their elections) and I certainly wouldn’t be piling into India stocks after a move like that, but still, it was quite a thing to behold.

The India news combined with a big upgrade for Bank of America (BAC) and that was the recipe for broad rally.

What a day! Enjoy Alanis thanking India live from VH1‘s Storytellers.

Thanks for reading today and have a great night.

Full Disclosure:  I have no positions in any of the stocks mentioned here.  My commentary above is simply a recap of market activity, please do not trade based on anything you read here.  For a full disclaimer, see my Terms & Conditions page.

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