I just heard Bob Pisani on CNBC "predict" the creation of several hundred new ETFs for 2008, including an India fund. I guess he has never heard of the NYSE's IFN, or Barclay's INP.
These are both down big-time today on the neighboring Pakistan/Bhutto news. They seem to have bottomed for the day and could be good buys as they still rank highly on most relative strength screens.
Back in the USA, the building negative economic news has finally come home to roost, at least for the day. Note the divergence between the slope of the Cumulative Tick and the actual prints... I "predict" that next Tuesday will be the first day of the New Year!
3:15PM CST UPDATE: Too much for the markets to digest to hold it together, albeit on light volume. Only one and a half trading days left in the year... doesn't look good! Watch India overnight and in the morning to consider nibbling around the edges. It could take a while for that news-cycle to play out in terms of geopolitical risk identification.
PM UPDATE II: For the record, this post was put up nearly a full day before CNBC thought to comment on the very same thing. Interesting how news and commentary filters out these days.
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