Sri Langka's hedge fund king.

Billionaire Sri Lankan-born hedge fund manager Raj Rajaratnam,52 was a major investor in Sri Lanka’s small $10 billion bourse, among the world’s best performers this year.Murtaza Jafferjee, chief executive of JB Securities, a private brokerage in Colombo,manages Rajaratnam’s Galleon Group investments in Sri Lanka until three years ago.

He attended primary school in Sri Lanka before going abroad with his parents. His arrest was front-page news on the island. He was reported by the US magazine Forbes to have studied in Britain and the United States before creating the hedge fund, believed to manage at least $6 billion in assets.

According to public documents, Rajaratnam is the single largest investor in Sri Lanka’s biggest quoted company, John Keells Holdings, a conglomerate with interests from banking to ports and hotels. He holds a 9.2 percent personal stake in the company. Rajaratnam has large holdings in other Sri Lankan blue-chips companies such as Commercial Bank and two brokerage houses. “He’s been quietly trimming his portfolio in the past few months, making use of the booming market sentiment to make capital gains,” Jafferjee said.

Unfortunately his activities has been phone-tapped by US Federal agents and was one of six people arrested Oct. 16 for alleged insider trading, is free on $100 million bail

Founded in 1997, the firm was one of the three largest managers of technology hedge funds along with Lawrence Bowman’s Bowman Technology Fund, which closed in 2001, and Daniel Benton’s Andor Capital Management LLC, which shut down last year.

The Dow on wednesday,21/10/09 is 22days to index futures expiry.
One day to FOMC minutes meeting.
9:30am:--A dragonflydoji open.

10:30am:--An early high,a bullish hammer,bearish harami.

11:30am:--Pullback to hourly session bull pivot(support) with bearish harami.

12:30noon:--Holding at bull pivot with spinning top dojis.

1:30pm:--Hitting the bull pivot suport 2nd time.

2:30pm:--Bull pivot support undersiege for 3rd time with bearish engulfing.

3:30pm:--Bears attack with graveyard doji.

4:00pm:--Closes at the low of the day,near unshaven bottom.

The bull pivot is now taking the job of support line is being hit twice.There seems to be pressure building up.The index touches another October high.
Comments from Bank of England governor Mervyn King that indicated consumers should be prepared for rising interest rates in the future and that new regulations won't prevent failures of big banks added salt to the market.

The Beige Book stated that most sectors are stabilizing or seeing modest improvement, but commercial real estate is one of the weakest sectors.