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Big drop today

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finnsk said:
Anybody game to make a prediction on what is going to happen tomorrow
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In my experience, after a big down day like this, you will invariably get a stalling day the day after. Failing this (which it almost never does), one of two things happens. Either it bounces or it continues right on down(Both of which are highly likely).:screwy:

hehehe
 
Well I certainly have to agree that the market has a higher probability of doing the exact opposite of what people expect it to.

I'm still going with another fall tomorrow though and by the way the DOW has started out it doesnt look good.

Thanks to those who came up with some dates and percentages, was much appreciated.
 
brisvegas said:
i think tommorows bias will depend on whether DJI can close above TL support. will evaluate a SPI trade at 5-6am tommorow morn depending on DJI levels.


..................... Pete
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no rush to get long for me atm . DJI lost TL supp on daily with 10k the next test to come looking likely . probably a scalp to be had on some XJO deriv this am but im not playing


.............. Pete
 

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FYI; The last two nights action on the sp500 (up till 3:55 EST)

Looks like my prediction for todays XJO will be spot on hah!
 

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So Possible stalling day.
It could bounce,
Or
It could keep on falling.

That just about covers it I think---any options missed?

My punt.
Initial sell off then buying.
 
tech/a said:
So Possible stalling day.
It could bounce,
Or
It could keep on falling.

That just about covers it I think---any options missed?

My punt.
Initial sell off then buying.
Click to expand...

Heheh Just a bit of silliness. It pays to have a sense of humour when trading, I think. :silly:
 
DJI chart looks bad with in all probability more downside to come


............... Pete
 

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brisvegas said:
DJI chart looks bad with in all probability more downside to come


............... Pete
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Hi Brisvegas,
Unfortunately fuel consumption in the states has diminished 3 % over the last past month and has been making oil hedging and retailers nervous. I think there will be a bit of assesting in investments. Everybody is forgetting about the help Bush is giving oil exploration and production although. I`ve been analyzing a few companies that where in the cellar over the past year like penn octane, she sprang up 25% on Tuesday.
After so much good news, a bit of bad news is healthy for the market.
Happy Buying
Excalibur
 
It is October. Think Oct '87. The Yanks are always nervous around this time.

If we do get a serious drop, don't rush to bottom pick. (You know abt dirty fingers) Unlike '87 there will be little technical influence in the fall, it will be a true secular bear.
 
doctorj said:
Energy stocks were sold off to the tune of 4% today. Incredible when you consider that oil is still at USD$64/barrel and WPL's reserves are only valued at AUD$5/barrel. Still plenty of room to move there...
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I totally agree doc, the oil companies are going to get hit further today, only because they did in the US market over night. We are in for a leveling out i think, like tech/a said though, probably a slight fall and then a bit of buying back leading to a smaller drop at the end of the day.

On a positive note, I think the mining companies that rely on oil to do their mining will be in a good position to go up, i.e. Base Metals, Iron Ore, Precious Metals....

Good luck to you all today, I think we will need a bit...
 
Hi Tech/a

I guess you got stopped out last night :swear:


The ASX has not had a single days drop like this since 9/11

The market has had a very strong run this last two weeks and basically is now back to where it was 8 days ago.

Yesterdays drop is the equivalent % to the last two days decline on the DOW.
 
Good thing I dont trade the SPI.

My main Portfolio is getting a hiding at the moment but still well within allowable parameters.Just that the correction is so fast that everyone is screaming.Had it been over a longer period perhaps it wouldnt have the same anxiety.

Short term discretionary trades are the problem.
I'll get hit here too as I like to keep stops really tight and in cases like this I wont let them run more than - 10% on initial buy price.
Thats likely on some.

Just another day trading gotta take the good with the bad.
 
As a newbie to the share market i do understand that it is very difficult to make a prediction on the market or today, as i understand there is many possibilities for what can happen, it is a bit like gambling, i do not mean that in a bad way, you do all your researce and think you are on a winner and then all of a sudden it goes the other way. :swear:

Thanks to all of your messages very appriciated.
 
Kind of old news now but heres is the stats....



Yesterday the Australian stock market experienced its biggest one day fall in more than three years as concerns about future US interest rate rises and a softer oil price took their toll.

The S&P/ASX200 index plunged 100.1 points or 2.16 per cent to 4543.5 while the all ordinaries slumped 94.7 points or 2.06 per cent to 4496.8 points.

Both indices suffered their biggest one day percentage fall since July 24, 2002
 
Well, its certainly got a nice start to the day. 70points down 20 minutes into trading.
 
XAO...I wonder if it will retest L/T line...
 

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el_ninj0 said:
Well, its certainly got a nice start to the day. 70points down 20 minutes into trading.
Click to expand...

Looks like its found support on 4464 which is a major long term support line so look for the bounce. Sorry, charts will update in next couple of hours.

Yesterdays fall was on a gann date too.

Theres going to be a lot of volatility in the next couple of weeks. This is where theres going to be a major battle between the bears and bulls.

My tip, the Bears to win.
 

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Coming off its lows now I think.
Was 73 now in high 60s

Out with the cheque book.
 
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