15 second trades does not represent markets.These may be first few orders of short covering.Any sustained stuff will show up. I still think may be 3% - 5% premium for new govt. I think earning for 2010 year with good govt = 800 (revised from 650). Market p/e = 14000/800 is 18 which is not cheap. even future earnings of Rs. 950 for 2011 will not make market cheap.So no point to chase it and sit on cash until things settle.