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Global Market Thoughts

Third Test ...


Interesting Action in China Stocks today - looks like focus coming back to Infra plays on the back of expectations around policy initiatives to spur gdp growth, now that the new leadership is in place - continue to be long here (esp Cement)


The usual first friday of month drama about NFP to be enacted today - no real view on the number & Sandys impact or lack thereof on the outcome - but the theme of US biz cycle turning should continue to be the driving theme for markets (given core view around resolution of the US cliffhanger) - Sell TYH3 at current 133-27+ levels (and ride the drama of nfp if it moves against you - keep position small 20% of 'limit' into the number, and increase size post number) ! Good Luck !!


Someone showed me a Bank of India USD perp today callable apr/17 - looks attractive at 8% yield levels - esp if you can get leverage ... smallish issue size & likely to get called ... unlike some other western bank perps (eg hsbc) wherein the 'libor spreads' if not called, are at levels which would make issuers not wanna call.


Would yoiu sell a Gold XAU put at 1500 strike 1 year maturity (spot at 1700 today) ? Something to think about - premium about 1+% of notional ... You have to hope that Soros/Paulson keep adding to their position 'if' gold drifts lower (low probability esp in such ultra loose monetary environment) !

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