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Commentary

Readings: Buying India Abroad, Spain, Fed and Jelly Donuts

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Ajah Shah on the moving of trading of Indian instruments outside Indian shores.

The CEO of SGX wakes up in the morning and thinks about competing with NSE. The CEO of NSE wakes up in the morning and thinks of an array of weird things.

I’m not all in agreement – Nifty futures have more OI in Singapore for other reasons also: they
trade longer, they can be traded in the night, and they are US dollar These factors are quite important now as suddenly RBI will do a policy change in non-market hours, or some company will release results
post-market etc. Secondly, you have the SGX Nifty + NSE Nifty + Rupee arb. But the post does apply – it appears that trading Indian instruments is better done outside India.

David Einhorn on Fed’s Jelly Donut Policy.

The promise to keep rates low invites procrastination. Why should anyone make a marginal decision to borrow and spend or build today, knowing that low-cost financing will still be available through the end of 2014?

‘Mish’ Shedlock : Hyperbolic selloff coming on Spain?

Oh, see at Zerohedge, a GS research note on Spain seeing over Euro 15 bn of deposits moving out of the country in April.

Ritholtz on Perenially Wrong Bottom Callers, listing mainstream news editors calling the bottom of the housing slump since, well, 2006. Incredible post. And then, he’s heading directly against Bill McBride of Calculated Risk who has said in February that the Housing Bottom is Here. While yes, data is seriously lagged, it’s kinda difficult to call a bottom on anything while the European mega-crisis is close to exploding. I’m with Ritholtz in that prices need to from too high to too low before they careen back to normal.

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