# Yikes!!! - Aussie market writes off 30 Billion in first 15 minutes of trading today



## fimmwolf (5 September 2008)

http://business.theage.com.au/business/shares-tumble-but-off-lows-20080905-4a6g.html


----------



## numbercruncher (5 September 2008)

*Re: Yikes!!! -  aussie market writes off 30 Billion in first 15 minutes of trading to*

Few more weeks like today we might see some good buying opportunitys eh ?


----------



## Buddy (5 September 2008)

*Re: Yikes!!! -  aussie market writes off 30 Billion in first 15 minutes of trading to*

Yikes!!!! aint half of it. More like Faaaaaaaarrrrrrrrrr............!
My portfolio (long term blue chip) has been decimated and my super is dissappearing faster than a black hole. At this rate, If I live that long, I'll be still working in my nineties.  This is not "the market" doing it's thing.  There has to be dark forces out there manipulating.  I firmly believe that short selling should be made a treasonable offence punishable by the ultimate sanction. Seizure and distribution of assets followed by severe death !


----------



## CAB SAV (5 September 2008)

*Re: Yikes!!! -  aussie market writes off 30 Billion in first 15 minutes of trading to*



Buddy said:


> Yikes!!!! aint half of it. More like Faaaaaaaarrrrrrrrrr............!
> My portfolio (long term blue chip) has been decimated and my super is dissappearing faster than a black hole. At this rate, If I live that long, I'll be still working in my nineties.  This is not "the market" doing it's thing.  There has to be dark forces out there manipulating.  I firmly believe that short selling should be made a treasonable offence punishable by the ultimate sanction. Seizure and distribution of assets followed by severe death !




Arn't you suppossed to be playing footy in an hour or so for Hawthorn?
Seriously, have you considered switching super mix to cash only? you can at least earn 5% & keep capital intact.


----------



## Buddy (5 September 2008)

*Re: Yikes!!! -  aussie market writes off 30 Billion in first 15 minutes of trading to*



CAB SAV said:


> Arn't you suppossed to be playing footy in an hour or so for Hawthorn?
> Seriously, have you considered switching super mix to cash only? you can at least earn 5% & keep capital intact.




Ha! Then I'll have to get on a very fast plane, from Perth.
On the super thing; Not sure it's a good idea to switch plans on the way down. All you do is lock in the losses. I don't think that's a great plan. However, i am seriously considering a SMSF to put some spare cash into (assuming I don't need it to live for today).  There is another thread on that idea.


----------



## theasxgorilla (5 September 2008)

*Re: Yikes!!! -  aussie market writes off 30 Billion in first 15 minutes of trading to*

Add salt to the wounds as the AUD does a "Led Zeppelin" against most major currencies.  Aussie wealth and purchasing power is getting slammed.


----------



## numbercruncher (5 September 2008)

*Re: Yikes!!! -  aussie market writes off 30 Billion in first 15 minutes of trading to*





Everyone must realise their destiny ....


----------



## son of baglimit (6 September 2008)

*Re: Yikes!!! - Aussie market writes off 30 Billion in first 15 minutes of trading tod*

and perspective gets thrown out the door - AGAIN.

where is the xjo back to now ? - early 2006 ? late 2005 ? - so what ?

is it back to 199X - NO - 198X - NO.

calm down then. as mentioned, reallocate and reenter when you feel more comfortable.


----------



## Captain Haddock (6 September 2008)

*Re: Yikes!!! -  aussie market writes off 30 Billion in first 15 minutes of trading to*



numbercruncher said:


> View attachment 23755
> 
> 
> 
> Everyone must realise their destiny ....


----------



## derty (6 September 2008)

*Re: Yikes!!! -  aussie market writes off 30 Billion in first 15 minutes of trading to*



Buddy said:


> Not sure it's a good idea to switch plans on the way down. All you do is lock in the losses.



That doesn't really make sense to me Buddy. 

Just say you started with $100k super, and the your super had fallen by 30% to $70k and you were expecting it to fall further. Surely it would be best to put the $70k into cash and have it earning positive interest and preserving the capital allowing you $70k+ to have available to place back in shares once the market turns around. Rather than letting it fall further and then only having maybe $50k or less exposed to the market when market turns around.


----------



## Julia (6 September 2008)

*Re: Yikes!!! -  aussie market writes off 30 Billion in first 15 minutes of trading to*



derty said:


> That doesn't really make sense to me Buddy.
> 
> Just say you started with $100k super, and the your super had fallen by 30% to $70k and you were expecting it to fall further. Surely it would be best to put the $70k into cash and have it earning positive interest and preserving the capital allowing you $70k+ to have available to place back in shares once the market turns around. Rather than letting it fall further and then only having maybe $50k or less exposed to the market when market turns around.



Hopefully with this strategy you'd have executed it before you were down 30%.
I agree, though, and it's what I've done but the downside of course is that you can miss the initial gains when there's a recovery, and it complicates the tax situation.  Depends on the reason for the downturn, doesn't it?  If it's a defined one-off event, e.g. the Sept 11th plunge, confidence will likely only be shaken briefly.  But in the present mess, confidence has been severely shattered, partly because we don't know what bad news is still out there, and the fundamentals globally are looking more and more like recession.

I suppose we all pass or fail the "sleep test" in different ways.   I'm not happy watching my capital diminish every day, but someone in their 20's will take a different view.


----------



## gfresh (6 September 2008)

*Re: Yikes!!! - Aussie market writes off 30 Billion in first 15 minutes of trading tod*



			
				asxgorilla said:
			
		

> Add salt to the wounds as the AUD does a "Led Zeppelin" against most major currencies. Aussie wealth and purchasing power is getting slammed.




That's because the only ones that believe our economy, and housing market will remain unscathed in a global slowdown... us


----------



## Nyden (6 September 2008)

*Re: Yikes!!! - Aussie market writes off 30 Billion in first 15 minutes of trading tod*



gfresh said:


> That's because the only ones that believe our economy, and housing market will remain unscathed in a global slowdown... us




I'd pin more blame on the interest rate drop. Cursed RBA, they should be raising the rates, not lowering them!

Those of us who are actually conservative and responsible - and not riddled with debt and idiocy, are being punished for the acts of the moron-"battlers" buying over-priced assets they can't even afford ... sigh.

I say raise the rates, trash the RE market, flush-out all those with 0% deposit loans through defaults and bankruptcy, and start fresh 

At least that way the AUD would have some blooming purchasing power here in Australia at least.


On another topic, what's the quickest, easiest way to hedge for currency fluctuations? Go down to the bank and buy Euros? We're always saying to diversify stock-portfolios, but how many of us diversify our currency-holdings?
Heck, at the current speed - we could be at .75c in a few days 


Oh, and don't think that it's only currency-holders who get hurt by a lower AUD. Granted, the miners will be better off in the long run, but not if they fall another 30%. When you eventually sell, you'll have lost money locally - and purchasing power internationally, double trouble there : Just annoyed at a lot of people praising the lower aud, is all.


----------



## brianwh (7 September 2008)

*Re: Yikes!!! - Aussie market writes off 30 Billion in first 15 minutes of trading tod*



> On the super thing; Not sure it's a good idea to switch plans on the way down. All you do is lock in the losses. I don't think that's a great plan. However, i am seriously considering a SMSF to put some spare cash into (assuming I don't need it to live for today). There is another thread on that idea.




Exactly the dilemma I am wrestling with at the moment Buddy. Where is the other thread on this idea?


----------



## Struzball (8 September 2008)

*Re: Yikes!!! - Aussie market writes off 30 Billion in first 15 minutes of trading tod*



Nyden said:


> Those of us who are actually conservative and responsible - and not riddled with debt and idiocy, are being punished for the acts of the moron-"battlers" buying over-priced assets they can't even afford ... sigh.
> 
> I say raise the rates, trash the RE market, flush-out all those with 0% deposit loans through defaults and bankruptcy, and start fresh




Amen


----------



## theasxgorilla (9 September 2008)

*Re: Yikes!!! - Aussie market writes off 30 Billion in first 15 minutes of trading tod*



Nyden said:


> On another topic, what's the quickest, easiest way to hedge for currency fluctuations? Go down to the bank and buy Euros? We're always saying to diversify stock-portfolios, but how many of us diversify our currency-holdings?
> Heck, at the current speed - we could be at .75c in a few days




I'd be happy to use either EUR or SEK to buy AUD at this price.  I've seen both cross-rates test lower levels, find historical support and rapidly fail.  The chart patterns are typical of the end of a strong push down.  But that's not hedging, that's what I'd be happy to buy AUDs for so I can earn 7%+ with ING or participate in what is shaping up to be a short to medium term rally on the ASX.



Nyden said:


> Oh, and don't think that it's only currency-holders who get hurt by a lower AUD. Granted, *the miners* will be better off in the long run, but not if they fall another 30%. When you eventually sell, you'll have lost money locally - and purchasing power internationally, double trouble there : Just annoyed at a lot of people praising the lower aud, is all.




Could be the sector to lead us out of the slump.  Wouldn't surprise me in the slightest.  I don't think commodities are dead and I don't think mining is dead in Australia either.


----------



## Spanning Tree (10 September 2008)

*Re: Yikes!!! - Aussie market writes off 30 Billion in first 15 minutes of trading tod*



> Few more weeks like today we might see some good buying opportunitys eh ?




That's what they said when the All Ords was at 5500.





> I firmly believe that short selling should be made a treasonable offence punishable by the ultimate sanction. Seizure and distribution of assets followed by severe death !



I like short-sellers because without their pessimism there would be too much optimism, which means bigger bubbles and harder crashes.




> Not sure it's a good idea to switch plans on the way down. All you do is lock in the losses.



Isn't this the sunk cost fallacy?

http://skepdic.com/sunkcost.html


----------



## ROE (11 September 2008)

*Re: Yikes!!! - Aussie market writes off 30 Billion in first 15 minutes of trading tod*

As a value investor you should be celebrating with this sort of bargain  and I am celebrating.

I picked up bargain last couple of weeks

AMP at $6.20
FBU at $5.00
FUN at 39 cents 
more SUN today at $10 bucks

BXB escape me with with 3 cents margin damn it .. I put in at $7 drop to about $7.05 and $7.03 and never came back down ...

I'm still loaded with cash..as stock drop time to lock and load


----------

