Currently markets around the world are very volatile due to slow down in US housing market. In UK, Northern Rock is the first casualty of this even though it is not directly linked to the ongoing sub prime woes in US.
Today banking shares are down. Northern rock is down 40% today and has lost 80% from where it was at the start of current year.
I have burnt my figures with it and will try to stay away from the banking sector for some time now. This section has performed very well in past.
For time being I am on the sideline and will be watching market actions very closely.
Raj
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