Still love India over the next few decades but as I chart India Fund vs some of the Indian banks I show, I see very similar patterns so it's sort of a moot point to own both. Below is a 6 month chart of the index ETF versus the 2 Indian banks I own, and then below that is a 12 month chart. The 3 month chart is similar (but now shown).
Further, I follow the banks and their stocks much more than the ETF which sort of sits at the bottom of the portfolio as a 0.5-1.0% type of position most of the time. So as I move to remove redundancy I've decided to sell this, even as the chart is actually looking quite positive in the near term. I sold out at $51.80s.
Even though the 6 month return is negative 20%, I've had some very good timing with my buys of India [Oct 26: India Up, China Down? Changing my Indian Focus] so despite a small stake and never overweighting this position I've been able to get a +$4000 return by selling when it was up, and buying on pullbacks. This has been a position (since the fund began) where the only way to make money is trading. That said Indian stocks have had a great rise if you go back a few years... I just started the fund at the inopportune time for "buy and hold".
This position was started on day 1 of the fund... I'll focus on the banks for now and continue to wish that India, like Brazil, offers more companies direct to American investors.
I am now back to my preferred 55 long positions (63 total)
Long Indian banks in fund; no personal position
4 comments:
Mark,
IFN gives a great dividend. You do not want the dividend ? ;)
52.65 is the resistant,,and it looks like it can break out.
I invest in Indian stcks thru my brother's account who lives in India. Still lot of cash on sidelines..people got scared out last few mnths.
Yes its a potential breakout but I have the same chart, in even better form, in HDB.
Mark,
Add my initial contribution of 5k.
Will add more as things take shape.
Hi Praveen,
I'd consider hitting that little garbage pail next to your last comment and write a new message just with your first initial of your last name(for privacy sake) - i.e. this is a public forum and all.
I saw the Bolling news; I liked him more on Fast Money than what I see on Fox now... he is very bullish all the time :) Also he has been calling for a oil pullback for the past 30 points straight (which would help his refining pick) so a bit wrong there, but then again we all are at times. I think the Fast Money format suited him best where he can talk technicals and do his thing. Fox Business is sort of lovey dovey hand holding, "be positive" stuff. But I'll always be interested in hearings his views even if I disagree -- just wish he was back on FM and Finerman left.
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