# The ASX to plummet 132 points today?



## Realist (28 February 2007)

That's my guess.


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## ducati916 (28 February 2007)

That'll probably be your warm-up in the first 5mins.
The ASX is so leveraged to China with resource large caps.
Add in the banks who are exposed to NPL's
The rest is ****e, and will drop as fast.

Not going to be a good day for you guy's.

jog on
d998


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## Realist (28 February 2007)

ducati916 said:
			
		

> That'll probably be your warm-up in the first 5mins.




I hope not, that only gets us trading up to about the letter H.    

But at 10:12am I suspect we'll be down over a 100 at least.

I'm gonna lose a few thousand today, so be it, I made a few thousand last week.

I'll try not to look.  And just cop it.


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## ducati916 (28 February 2007)

You guy's are in for a bloodbath;

DJIA -530
S&P500 -60
NASDAQ -100

jog on
d998


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## Realist (28 February 2007)

ducati916 said:
			
		

> You guy's are in for a bloodbath;




Meh, back to where we were a couple of weeks ago.

Not even worth worrying about.


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## dutchie (28 February 2007)

Down to about 5800 today ??? (3% or so).


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## trader (28 February 2007)

I'am going to sell all @ opening, could easily see a drop of 200 points today
and maybe with more to come tomorrow.


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## Realist (28 February 2007)

trader said:
			
		

> I'am going to sell all @ opening, could easily see a drop of 200 points today
> and maybe with more to come tomorrow.




Silly, silly,  you'll lose 2 to 3% as they all open low off the bat.

And the chances they'll recover tomorrow are higher than the chance they'll go down further.

A waste of money and brokerage.

But I know nothing, ignore me, I just thought I'd say my thoughts.


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## Atomic5 (28 February 2007)

I would prefer to be watching 'Apocalypto'.    

Plot is less engineered.


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## Sean K (28 February 2007)

Realist said:
			
		

> And the chances they'll recover tomorrow are higher than the chance they'll go down further.



There may be a dead cat, but I think 5700 is the next stop. Then possibly 5400. We need a damn good correction here. It's part of a healthy market. The bears are saying a start of the recession, but I'm not on that bus yet. Perhaps I'll pay.


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## Techbuy (28 February 2007)

The underlaying cause is the crack down by the Chinese Goverment over the ramping and speculaton that has driven their market. its not a cut back in resource needs.  The market will drop, it's the nature of the beast but it should recover quickly as the realisation hits that they still want the same tonnages as before just not so much speculating.


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## Techbuy (28 February 2007)

I just looked at the IAP for a lot of the stocks across all sectors nearly all are in the red down as much as 2.2c for BLT for example.  Normally they hover around the close at this time of the day but not today and some fairly big volumes building.
looks like the bank account is going to get flogged today.


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## Atomic5 (28 February 2007)

Timing of the US tele-conference to China by Greenspan is political, egotistically self serving and media attention grabbing by an ex-someone sticking his 2c in. 

It could have come a week ago or Wednesday or next week and in a different manner and avoided the panic bloodbath. 

Just seems like these US politico-types like the effect, the powerplay. Wait for Bernankes double whammy on Wednesday.

:rocketwho


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## ice (28 February 2007)

Realist said:
			
		

> Meh, back to where we were a couple of weeks ago.
> 
> Not even worth worrying about.




For someone who's not worrying you're doing a lot of posting.   


ice


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## noirua (28 February 2007)

Former Fed Chief Greenspan speaks:  http://money.cnn.com/2007/02/26/news/economy/greenspan/index.htm


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## Realist (28 February 2007)

ice said:
			
		

> For someone who's not worrying you're doing a lot of posting.
> 
> 
> ice




I'll probably jump from the window in an hour..


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## imajica (28 February 2007)

panic selling is lame and predictable - you are only making etrade rich


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## Realist (28 February 2007)

imajica said:
			
		

> panic selling is lame and predictable - you are only making etrade rich




I totally agree.

It is important to reduce brokerage.


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## professor_frink (28 February 2007)

morning Realist  
132 pts today?
Futures are already off 170, and we haven't even opened yet.
Are you expecting the dip buying crowd to show up this morning?


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## CanOz (28 February 2007)

Realist said:
			
		

> I'll probably jump from the window in an hour..




There may be a few Chinese citizens doing that today, if the article about the way they were borrowing to invest in A shares was anything to go by.

I won't be juimping, i had switched to banks and gold last week, then sold everything yesterday just before the close. : 

Bring on the selling climax!

Cheers,


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## Realist (28 February 2007)

professor_frink said:
			
		

> morning Realist
> 132 pts today?
> Futures are already off 170, and we haven't even opened yet.
> Are you expecting the dip buying crowd to show up this morning?




We'll go under 132 and then recover a little later is my guess.

The first 20 minutes will be brutal. 

We may hit the low there and then.


What time does China open?


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## Atomic5 (28 February 2007)

...maybe Real Estate will pick up again  
(they don't have a flying pig icon on here do they)

China opens Perth time - 2 hours (?) after Sydney.


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## djones (28 February 2007)

The NZ Market was down 3% on open.


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## professor_frink (28 February 2007)

Realist said:
			
		

> We'll go under 132 and then recover a little later is my guess.
> 
> The first 20 minutes will be brutal.
> 
> ...



Not sure exactly- Hong Kong H-shares open @ 12:45 EDST. Same time as Hang Seng. With the nikkei opening @ 11:45, I'm gunna try and trade 3 opens this morning  
Hopefully it will go well


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## Techbuy (28 February 2007)

On the radio this morning they were saying China grow by 144% and has had a 9% correction, and it's no big deal but the global markets are using it as a way to correct their markets.  They went on to say there will be a drop on open and recover in the afternoon once the panic wears off.


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## CanOz (28 February 2007)

Atomic5 said:
			
		

> ...maybe Real Estate will pick up again
> (they don't have a flying pig icon on here do they)
> 
> China opens Perth time - 2 hours (?) after Sydney.




Shanghai opens at 9:30 my time, so its 12:30 your time.

Cheers,


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## imajica (28 February 2007)

these threads merely scare the s**t out of people and it becomes a self-fulfilling prophecy - if enough people are convinced that the market will drop then they will pull their money out and contribute to this nightmare


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## Realist (28 February 2007)

imajica said:
			
		

> these threads merely scare the s**t out of people and it becomes a self-fulfilling prophecy - if enough people are convinced that the market will drop then they will pull their money out and contribute to this nightmare




contribute to this nightmare

I think you just did!!


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## djones (28 February 2007)

What would you buy on open that you think would bounce back well in the afternoon? MCR, MTN?


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## Rafa (28 February 2007)

wonder how u stocks will perform today?


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## ducati916 (28 February 2007)

imajica said:
			
		

> these threads merely scare the s**t out of people and it becomes a self-fulfilling prophecy - if enough people are convinced that the market will drop then they will pull their money out and contribute to this nightmare




Wonderful isn't it.

jog on
d998


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## Aussiejeff (28 February 2007)

Listen up (wo)men!

Hold your nerve! Helmets ON... flack jackets ON.... sand bags FILLED... cotton wool IN EARS.... welding glasses ON ...

All set lad(ie)s?

Roighto, now head for your nuke-proof anti-crash bunkers, bend over and put your head between your knees. HOLD that position for a minimum 72 hours...... should be safe to come back up for some fetid air then!!! 

Good luck, (wo)men! See you on "the other side"!

Admiral Aussiejeff
Commander Regional Anti-crash Personnel


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## Techbuy (28 February 2007)

imajica said:
			
		

> these threads merely scare the s**t out of people and it becomes a self-fulfilling prophecy - if enough people are convinced that the market will drop then they will pull their money out and contribute to this nightmare



not if you read all the posts and see its the time to get the cash out to jump in and buy not sell. as the ones you have already will recover but the chance to jump in and top up is great.  Just look at the market trend for the past 100 years and all the correction move on and up again some take a bit longer than others that all.
Now is the time to move in on the stocks you know and understand to pick them up.


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## constable (28 February 2007)

imajica said:
			
		

> these threads merely scare the s**t out of people and it becomes a self-fulfilling prophecy - if enough people are convinced that the market will drop then they will pull their money out and contribute to this nightmare



Help help the skys falling in wah wah. 
Agree imagica for everyone that sells out though there will be those that will profit! Bring it on.


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## Realist (28 February 2007)

Less than 30 minutes to go!!

Get your tips in.  What will the ASX close today?

I've said down 132 - who's gonna be the closest?


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## professor_frink (28 February 2007)

Realist said:
			
		

> Less than 30 minutes to go!!
> 
> Get your tips in.  What will the ASX close today?
> 
> I've said down 132 - who's gonna be the closest?



A random guess from me -200.


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## mrWoodo (28 February 2007)

Something from Forbes 



> A computer problem Tuesday made a bad day seem worse on Wall Street, as Dow Jones momentarily reported a 500-point drop in its blue-chip industrial average. Pressured by a sharp fall in Shanghai, stock markets around the world had been showing sizable declines over the course of the day, but the benchmark Dow suddenly fell off a cliff at about 3 p.m., losing 300 points in a matter of minutes.
> 
> The dramatic 3 P.M. decline was mostly attributed to a delay in the tabulation of the 30-stock industrial index by Dow Jones computers.
> 
> A Dow Jones spokeswoman said that at around 2 P.M., a surge in trading volume caused a delay in the data systems used to tabulate the index, and the result was that the industrial average lagged the market. At around 3 P.M., when Dow Jones switched to a backup system, the published index caught up rapidly, making the afternoon decline in the industrials appear to happen in 2 seconds when it was actually over a much longer time frame.


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## CanOz (28 February 2007)

djones said:
			
		

> What would you buy on open that you think would bounce back well in the afternoon? MCR, MTN?




Buy on open?

Eventually thier should be a flight to safety, like infrastructure, then banks, maybe consumer staples. But not on open.

Cheers,


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## imajica (28 February 2007)

asx had to tank today!!! its my freakin' birthday!   nice timing


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## Realist (28 February 2007)

djones said:
			
		

> What would you buy on open that you think would bounce back well in the afternoon? MCR, MTN?




See how much they drop first.

MTN stormed up the other day, it'd need to drop well more than 10% for me to want more at the moment.

If they drop 3% it is irrelevant.


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## mit (28 February 2007)

I don't see a huge bounce occurring at close today (Hope I am wrong). I think this will be one of those day's that grinds lower all day. I'm going to sell some shares at open and am going to buy in when the correction bottoms out over the next few days. I think it might be a good time to pick up some resource stocks RIO is showing an open of $76

MIT


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## CanOz (28 February 2007)

professor_frink said:
			
		

> a random gues from me- 200.




I guess it closes at 5814, so 179 points down, maybe a little support there.

Cheers,


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## Kimosabi (28 February 2007)

I think this is appropriate

Luckily for me, I bounced most of my money out of the market a few weeks ago...


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## professor_frink (28 February 2007)

futures opened dn 220 odd


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## Techbuy (28 February 2007)

They say don't buy on the open but I follow about 10 stocks like a lover and I have my buy orders in ready to jump in on the open.  This is like going to a party... Bring it on....


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## sam76 (28 February 2007)

down 190 at close


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## imajica (28 February 2007)

the market will bounce back soon enough - it always does


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## Agentm (28 February 2007)

i guess when you greenspan the best way to make a quick buck is park your money on the sidelines, make a comment and wait for the bloodbath..

pity i wasnt in the know with him..

i think a lot of investors are going to sell for no reason and press that sell order.. if you sell you are going to get burnt..

good luck to all buyers, enjoy the bargains


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## Warren Buffet II (28 February 2007)

Let the pain begin.

WBII


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## Sean K (28 February 2007)

I think initially 200 ish, then pull back up to 176.


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## imajica (28 February 2007)

people with no kahunas will get burnt


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## Kipp (28 February 2007)

Fortunately is 11pm here in Edinburgh... so I get to sleep through the carnage... 
Take it easy- as the Pacer would say "it hurts alot less with a bourbon in hand"


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## CanOz (28 February 2007)

5905!!!!!


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## Realist (28 February 2007)

Let the fireworks begin


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## Mousie (28 February 2007)

Sell, people, sell, and allow people on the sidelines like me pick up great bargains...let em come baby...


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## Aussiejeff (28 February 2007)

1st Crash Casualty ... STOP

COMMSEC unable to cope with flood of panicked button pushers! Website down ... STOP

Cheers,

AJ


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## nioka (28 February 2007)

You will only lose money if you sell. Think about it ,is the company you hold shares in really worth less than it was yesterday? I've checked my portfolio and there is nothing I want to sell. They will all come good again.


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## dj_420 (28 February 2007)

agree, although im overweight with miners and only have 5% in cash, i think i will have to hold as comsec has crashed!

doh! looks like im going to be holding for the long road to recovery!


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## Realist (28 February 2007)

dj_420 said:
			
		

> agree, although im overweight with miners and only have 5% in cash, i think i will have to hold as comsec has crashed!
> !





Commsuck must have screwed over alot of traders today!!

Useless!!

I sold thousands of dollars of load testing tools to the morons a few years back.

They can test it so easily!


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## Aussiejeff (28 February 2007)

Hahaha!

I love how Commsec's website seems to crash every time the market moves + or - three to four %.. VERY robust technology! Inspires confidence in all....

NOT!

AJ


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## KIWIKARLOS (28 February 2007)

I say Buy, Buy, Buy ! you could really pick up a bargin today.


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## tomcat (28 February 2007)

I havent been able to get into commsec at all...there phone lines will be insane today with very unhappy customers.


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## Aussiejeff (28 February 2007)

Realist said:
			
		

> Commsuck must have screwed over alot of traders today!!
> 
> Useless!!
> 
> ...




HA! You sold the tools to MORONS you say? Well, no wonder they suck so bad!!! Shame on you...

AJ


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## mrWoodo (28 February 2007)

Yes if you could all please refrain from using ComSec for the next five minutes, I'll be able to get in and have a look at live data! I trade using NAB but with 20min delay - all my stops are set to ignore 10-10:45, I'm guessing I'll be getting a few sms's at 10:45


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## Aussiejeff (28 February 2007)

KIWIKARLOS said:
			
		

> I say Buy, Buy, Buy ! you could really pick up a bargin today.




Hmmm. A fast bicycle courier could make a mint today transferring paper buy bids to the dizzy Commsuck traders on the floor...



AJ


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## djones (28 February 2007)

Realist said:
			
		

> See how much they drop first.
> 
> MTN stormed up the other day, it'd need to drop well more than 10% for me to want more at the moment.
> 
> If they drop 3% it is irrelevant.




CUrrently down 16%. Im strongly considering it.


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## Agentm (28 February 2007)

i am too busy trying to mop up the floors with this bloodbath going on to look at the screens.. 
did yogi manage to predict this?

and i assume all the chartists had this one under wraps and sold yesterday..

in a week this day will be forgotten


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## petervan (28 February 2007)

The companies are still operating. consumers are still spending.short panic selling followed by bargain hunting.Could be messy for a day or two.Shows how big China has become.China sneezes -- you know the rest.


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## mit (28 February 2007)

Just going to say that I have no problem with Commsec and it just bounced me out then! My portfolio is just starting to go back up in value so this mornings bloodbath could have hit bottom, could be continued this afternoon.

MIT


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## KIWIKARLOS (28 February 2007)

The Sky is falling, run for your lives. Were all gonna die!  : 

Sucks for day trading, looks like my short term investments just became medium-long term instead.


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## HRL (28 February 2007)

nioka said:
			
		

> You will only lose money if you sell. Think about it ,is the company you hold shares in really worth less than it was yesterday? I've checked my portfolio and there is nothing I want to sell. They will all come good again.



Damn right.  The companies I have invested in are still heading in the same direction as they were yesterday and last week and the week before that regardless of the current sp. 

Whether the resource boom is over or not can somebody please confirm for me that the billions of people around the world no longer need the oil and gas and every other resource being produced.  That would be useful information.


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## Realist (28 February 2007)

Down 196 now.  I'm tipping a recovery today!

Wait till China opens at 12:30 that will be the turnaround... Or the end of me. 

Jees I was stunned how much I had lost when I finally got into Commsec.

I was a rich man an hour ago.  Now I'm poor..


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## j4mesa (28 February 2007)

Let's turn off our computer and do something else........not in the sense of being ignorant though...........

Like the quote from Warren Buffet : 
Share Market is the wealth transfer place from the impatient to the patient ones....


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## TheAbyss (28 February 2007)

Despite the last 12 hours Nickel is in the green. Has anyone a list of Nickel producers they can post? Possibly get some cheap today.


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## Realist (28 February 2007)

Down 192 now, so I reckon we've hit todays bottom.

Depending on how China goes of course.


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## Realist (28 February 2007)

Down 180 now, bargain hunters coming in.

Still need quite a rise to get to 132...


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## brendan87 (28 February 2007)

There also healthy drops (for BHP/RIO holders) in Nickel and Copper stocks yesterday so until there is any evidence that a stock market blip (which wiped out _less than 3 days of gains _ in Shanghai) will affect demand for metals...Im long in the miners. Also the uraniums took a massive hit today - also better value (could never say cheap....but then again, is spot uranium cheap?). Don't forget who commissions nuclear plants... the Chinese government, who clearly doesn't give a crap if shares drop 10% in a day and don't forget than speculators can't buy uranium anyway. In my opinion, uranium stocks just got 10-15% cheaper with no fundamental changes in demand for uranium... Nice.


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## TheAbyss (28 February 2007)

Can anyone tell me when margin calls are calculated? As i understand it prices are calculated on closing price so they wont look at it till after the bulk of the carnage is over and people have had a chance to assess and stop being reactive.I just want to know if i am going to get a margin call so i can decide how much i can buy in the next few days.


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## speves (28 February 2007)

TheAbyss said:
			
		

> Despite the last 12 hours Nickel is in the green. Has anyone a list of Nickel producers they can post? Possibly get some cheap today.




AUZ took an 18% hit but making a ripid recovery...try to get in at 8c and youve picked up a good deal IMO


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## Realist (28 February 2007)

On the ASX 200 only 1 stock is up - Flight Centre.

About 5 have not changed, and 194 have dropped.

MRE is one of the worst drops...


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## Bush Trader (28 February 2007)

What about all the punters that can't even get onto comsuck, or E-Trade to do any panic selling or bargin hunting. I'm with E-trade and cannot even get on to look at my account positions - "server too busy".  This is a lesson for all of us non-broker traders if ever there is another 87 you will be frozen out and will have no control. Scary Stuff!

Cheers


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## Techbuy (28 February 2007)

Bush Trader said:
			
		

> What about all the punters that can't even get onto comsuck, or E-Trade to do any panic selling or bargin hunting. I'm with E-trade and cannot even get on to look at my account positions - "server too busy".  This is a lesson for all of us non-broker traders if ever there is another 87 you will be frozen out and will have no control. Scary Stuff!
> 
> Cheers



Check the posts in this thread.
Commsuck is overloaded


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## The Mint Man (28 February 2007)

nikkei down 590 points


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## Realist (28 February 2007)

Yeah good point.

If there is a crash, good luck trying to sell. Or even trying to watch it.


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## j4mesa (28 February 2007)

WOW is going up as well...............
it is a wow !!!!


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## Realist (28 February 2007)

Yep we are down 149 now.

China opens in 18 minutes!


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## chops_a_must (28 February 2007)

China said they have no plans to introduce CGT. My tip for the china market is up slightly... or steady.


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## KIWIKARLOS (28 February 2007)

Most stocks are only down between 5-10% this is hardly a crash. Congrats for people who picked up cheaply this morning, Perahpes todays debarcle will encourage more smarter investing and less speculation.


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## marc1 (28 February 2007)

Realist said:
			
		

> Yep we are down 149 now.
> 
> China opens in 18 minutes!




If china behaves its self ,your 132 points is looking darn good realist.


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## CanOz (28 February 2007)

chops_a_must said:
			
		

> China said they have no plans to introduce CGT. My tip for the china market is up slightly... or steady.




You've got to be kidding!


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## chops_a_must (28 February 2007)

CanOz said:
			
		

> You've got to be kidding!



No. It's from bloomberg.


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## djones (28 February 2007)

Realist said:
			
		

> Yep we are down 149 now.
> 
> China opens in 18 minutes!




Wheres a link for the chinese markets?


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## KIWIKARLOS (28 February 2007)

What exactly was it China did to inspire this correction, have they stated a policy or measures to reduce speculation on the stock market.


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## CanOz (28 February 2007)

djones said:
			
		

> Wheres a link for the chinese markets?




See if this works, hover over the chinese writing and you can see the english code for the program.

http://news.cjis.cn/ztzq/c/stock/main?menu=stock&sub1=market&all=1&indexcode=000001&indextime=3


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## CanOz (28 February 2007)

Looks like its up about 15 points on the open. Anyone else got it yet?


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## ducati916 (28 February 2007)

KIWIKARLOS said:
			
		

> What exactly was it China did to inspire this correction, have they stated a policy or measures to reduce speculation on the stock market.




Yes.

Full explanation on the blog

jog on
d998


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## chansw (28 February 2007)

I just read from a Hong Kong website about the Chinese sharemarket this morning. The Chinese sharemarket opened lower but bounced back.
The latest at 9:43am HK time, the Shanghai index is up 1.3%


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## djones (28 February 2007)

CanOz said:
			
		

> You've got to be kidding!




http://www.thestar.com/Business/article/186301


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## nizar (28 February 2007)

CanOz said:
			
		

> Looks like its up about 15 points on the open. Anyone else got it yet?




Nope, i cant see the english code.
15 pts thats about half a percent??


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## CanOz (28 February 2007)

nizar said:
			
		

> Nope, i cant see the english code.
> 15 pts thats about half a percent??



Check out the other thread Niz, i just posted another one.

Cheers,


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## petervan (28 February 2007)

Looks like no more big sell off for now down 0.75% in china.Now get off comsec everyone and let me on..


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## TheAbyss (28 February 2007)

Article from Mining news on the resource stocks falling this morning. Couldnt agree more with their views.

The carnage was sparked by a 9% fall in the value of the Shanghai Composite Index, which $140 billion in value in its biggest single-day fall in a decade, largely on the back of rumours that the government would introduce a capital gains tax. Adding to the uncertainty in Shanghai was news that the Chinese government had approved a special task force to clamp down on illegal share offerings and investments with borrowed money.

That triggered a fall of 3.3% on the Dow Jones index and a slide of 3.5% in the Nasdaq Composite index.

Those leads sparked panicked selling across the Australian Stock Exchange, and in resource equities in particular.

Many of Australia's largest miners have recorded drops in excess of 10%, and only seven of the 494 mining and exploration companies on MiningNews.net's resources watchlist had managed gains.

However, there were signs at the time of writing that the market was beginning to settle down, with many stocks starting to make up the losses as bargain hunters moved in.

Hartleys resources analyst Andrew Muir told MiningNews.net that the panic was a knee-jerk reaction.

"The thing to note is that the fundamentals haven't changed for most, if not all, companies," Muir said.

"It might not be a bad time to start looking for some bargains."

Muir pointed to nickel stocks in particular, given that the price of nickel rose yet again overnight to another all-time record. The stainless steel additive closed at more than $US45,000 per tonne on the London Metal Exchange overnight.

Macquarie Equities, meanwhile, was advising its clients to relax.

"This event does not change fundamental company values but it will spook those who were not already advocating that the market had run too hard. The shake out also coincides with the end of reporting season tomorrow which could see selling in expensive industrials exacerbated. This shake-out will therefore last a few days at least," Maquarie said.

"Bear in mind that exaggerated falls will only prompt private equity to the table so that will also put a floor under industrials. Any excessive positions not already trimmed should be scaled back and cash that has been accumulated over the last few weeks should then be used to buy resources and any value that emerges in stocks that were previously regarded as expensive."

That "stay calm" sentiment was echoed in comments from Commonwealth Securities chief equities economist Craig James, who spoke to Dow Jones Newswires.

"It is a fear-driven market but the good news is that nothing has changed in terms of the fundamentals," James said. 

"It wasn't fundamentals that drove the Chinese market down but rumours, so this is not a case for panicking for any investor," he added.


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## CanOz (28 February 2007)

CanOz said:
			
		

> I guess it closes at 5814, so 179 points down, maybe a little support there.
> 
> Cheers,




160 points in one day....biggest drop in how long?

And some people think this could be the worse??????

Hmmmm?

Cheers, :twak:


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## Atomic5 (28 February 2007)

KIWIKARLOS said:
			
		

> What exactly was it China did to inspire this correction, have they stated a policy or measures to reduce speculation on the stock market.




Makes you want to sell your house below market and put all the sales cash on the stock market!   

*GLOBAL MARKETS-Asian stocks skid after China, Wall St slides*
Wednesday, February 28, 2007 2:19:30 AM 
http://www.reuters.com 

Perhaps the most remarkable sign of the recent irrational exuberance underpinning China's stock markets is that during the past year, when a company has announced bad news, its stock price has been shooting through the roof.

Early this year, for instance, when a group of 17 Chinese companies was cited by regulators for misappropriating corporate funds, their stock prices all skyrocketed. When the Tianjin Global Magnetic Card Company failed to report quarterly earnings last April, its stock doubled.

With shares in Shanghai tumbling, stocks listed in Shenzhen also collapsed, falling 9.3 percent. In Hong Kong, the benchmark Hang Seng Index fell 1.76 percent, and in Japan, the Nikkei dropped about half a percent to 18,119.92.

But none of the world's major stock markets has been as volatile as in China, where people refer to the stock market as "dubo ji," or the slot machine. The gyrations have become almost commonplace for a stock market that suffered through a five-year depression until 2006, when it rose more than 130 percent, the world's best performance.

The Chinese government, however, is worried about an exuberance that could produce a bubble and then a crash that could send bankrupt individual investors into the streets in protest.


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## greggy (28 February 2007)

CanOz said:
			
		

> 160 points in one day....biggest drop in how long?
> 
> And some people think this could be the worse??????
> 
> ...



Percentage wise, it was a fall of just under 3%.  After recent strong gains, a correction was bound to take place sooner or later, just the severity took everyone by surprise.  The market has still done well overall during the past 2 months or so.  I feel that this isn't the end of the bull market even though some people are starting to panic.  Those people out there panicking about a 3% fall are better off sticking to property and cash and forget about investing in the market.
DYOR


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## alphman (28 February 2007)

djones said:
			
		

> Wheres a link for the chinese markets?




Try this...

http://www.sse.com.cn/sseportal/en_us/ps/home.shtml


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