David Fuller's view

I have further reduced the very small amount of leverage that I have in stock markets, and had been rolling forward for some months.  Today, I took the profit in my remaining spread-bet long in the JPMorgan Indian Investment Trust (JII LN), by selling the September contract at 454.31 versus my rollover purchase at 410.2601 on 17^th June.  These prices include all spread-bet dealing costs.  I wish to emphasis that this does not mean that I am anxious about India and JII, which I began to buy in 2003.  As mentioned before, I would have sold India, which remains one of the biggest holdings in my personal account, if Narendra Modi had not achieved his sweeping victory.  I will probably remain long of JII and/or other investment vehicles for India, for at least the duration of Modi’s first term.  I am also likely to either buy more or reopen spread-bet longs after the first significant correction that India experiences, whenever that occurs.  Currently, the bulls are still in charge, evidenced by the higher reaction lows during the consolidation of earlier gains.