Last two trading sessions saw global equity markets stage a smart rally after U.S. fed's rate cut, a stimulus package worth U.S.$150 Billion. Also aided the rally was steep and continous fall over the past 2 weeks. Gold too has touched it's all time high. Stock markets are expected to recover atleast 60% of the entire fall in a very short span of time, they can retest their old heighs if global cues like Inflation, falling crude oil price, calm in credit markets, stability in major currency exhange rates are more or less predictable. Commodities like copper, zinc, alumunium are range bound. Agri commodities continue to trade higher due to weather problems, rising remand and fall in supply, decision to convert some crops into bio-fuels. Markets will be eagerly looking for a next rate cut from U.S. fed later this month and if no bad surprise comes from subprime hit financial institutions then equity markets can remain strong.