Since I am not finding US stocks that interesting, I decided to look at some old favorites in India. The charts for the indexes (BSESN, NSEI) say bear market. My favorite banks HDB. IBN and auto (TTM) are all off 20-30% from their highs set last fall and a quick glance at the charts suggests that they may be reaching some support levels. Interest rates over there have gone up very aggressively as the central bank reins in demand-driven growth. Global institutional money has been flowing out. These are not for the faint of heart, are not cheap, and such technical damage can take awhile to repair. I haven’t owned anything there since early fall, but this quick look to re-orient myself makes me want to look harder.
These indexes are also 15-20% below their pre-financial crisis highs of October 2008. By way of comparison, the NASDAQ is 15 points away from that high of 2810, the corresponding highs for the S&P and the Dow is about 1560 and 14000, nowhere close.