Make My Pullback a Bearable Trip

For whichever reason, India seems to get lost in the shuffle among the allure of emerging markets. Typically, China, Brazil, even Russia get plenty of play among traders when their markets are hot. 

But the recent rally in India seems to be under-watched, if not outright under-appreciated. 

Inside Market Chess Subscription Services, we are all aware of the broad market being in pullback mode at the moment, as the small caps in the IWM gapped below the key $134 level this morning as the VIX tags its highest level since last November. 

However, we are also aware of how quickly equities have been able to snap back from dips over the last few months, quarters, even years. With this in mind, keeping a focused and cogent list of relative strength outperformers make sense, even if we do not immediately act on it. 

Indeed, the purpose of the relative strength updated list is to have a go-to basket of names in case the market does immediately firm up, even if this morning's selling is sure to galvanize bears in the near-term. 

MakeMyTrip Limited, essentially the India version of PCLN, is one such example, as the stock is barely down as I write this and had performed brilliantly on spurts of strong buy volume (bottom pane of daily chart, below) over the last several months.