• A deadcat bounce? The Dow Jones and the S&P both dropped close to 3% last night, Thailand’s SET was flat most of yesterday until the last hour where it dropped -1.5% and this AM we see the China has decided to drop another 3% at the open.
  • The police pay themselves the reward of THB 3 mn for catching “one of the potential bombers” – well another suspect was just found, will they return the reward? Share it with the other agencies? Or has it disappeared into another land transaction?
  • Interesting that foreign selling has stopped for the past few sessions, turning into smaller purchases, will local institutions and prop traders be the cause for the next downturn? Or will they see “value” in the market.
  • Erawan is deathly quiet in the evenings, the Grand Hyatt looks dead, the mall next to it is dead – I’m still thinking by year end things have returned to normal, however Thonglor drinking places are still bustling even at midnight on a Tuesday.
  • One question – when should we start buying? Look through at this through the eyes of a bull & a bear: The bull – low rates, liquidity still high, corporates are flush with cash, energy costs have decreased dramatically; the bear – valuations are still high, interest rates are about to rise, currencies have gone wild, China is shifting its economy and this will result in pain.

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