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Today's Daily Reckoning points out that the current issues of Worth and Business Week both have the India investment story on their covers. This is interpreted as a contrarian sell signal.

I stepped off the Indian skyrocket some weeks ago because it had risen so far, so fast already this year that I lost my nerve and let go, like I did with US stocks in 1997.(!) Thus I'm hoping in a selfish way that the market will fall so I can get on again. Valuations don't seem to be stretched all that far, though, considering the growth rate in India, so I could be out for a long time as with the US stocks, where I'm still out except for a few sectors.

Good luck,

Ed.
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