There's pain, and then there's pain.
Today marks the worst day for our Taipan Emerging Market Index, with a fall of 59%. I think the only consolation here is that the major U.S. markets took a beating too.
Last week we were up 9.3%. It looks like the world markets have gone completely bi-polar. That's what happens when sentiment overtakes logic in an electronic web of global markets.
Key
ALL ORDINARIES IDX (ASX: ^AORD) Australia
BSE SENSEX (Bombay: ^BSESN) India
IBOVESPA SAO PAULO (^BVSP) Brazil
EGYPT CMA GENL INDX (Cairo: ^CCSI) Egypt
HANG SENG INDEX (HKSE: ^HSI) Hong Kong
COMPOSITE INDEX (Jakarta: ^JKSE) Jakarta
COMPOSITE INDEX (Kuala Lumpur: ^KLSE) Kuala Lumpar
KOSPI Composite Index (KSE: ^KS11) South Korea
MERVAL BUENOS AIRES (Buenos Aires: ^MERV) Argentina
IPC (Mexico: ^MXX) Mexico
NZX 50 INDEX GROSS (NZSE: ^NZ50) New Zealand
IGBM (Madrid: ^SMSI) Spain
TEL-AV TASE-100 IND (^TA100) Israel
TSEC weighted index (Taiwan: ^TWII) Taiwan
SSE Composite Index (Shanghai: 000001.SS) Shanghai
iShares MSCI South Africa Index (EZA) South Africa
RTSI INDEX (RUS: RTS.RS) Russia
ISHARES MSCI THAILAN (NYSEArca: THD) Thailand
iShares MSCI Turkey Invest Mkt Index (TUR) Turkey
For you true believers, all I can say is that it's time to double down. For cynics, skeptics and scaredy cats...well you know what you have to do.
Personally, I'm of the opinion that things will get worse before they get better. For how long, I can't really say. However, I'd love to hear your thoughts. Feel free to post a comment. We look forward to hearing from you.
Have yourself a great weekend. I think some grilled burgers and couple of beers sound good right now.
--Irwin Greenstein
