On Friday, we finally got the weekly inflation report out of India that really woke people up to the reality of Asian Stagflation. Now that the BSE Sensex Stock Exchange is down -19% since we got aggressively short it at the beginning of May, it's time to lock in some gains here.
With India trading off another -1.9% overnight, taking the Sensex down to 11,162, I am going to be covering the India Fund (IFN) short position in my fund at some point in the next few days. I'll be re-shorting it on an up day.
(chart courtesy of stockcharts.com)