Australian (ASX) Stock Market Forum

Imminent and severe market correction

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Great quote!

“This is essentially Mr Paulson’s bill to help his friends and I can’t buy it,” said Paul Broun, a Republican of Georgia. “This is a huge cow patty with a piece of marshmallow stuck in the middle of it.”
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ROTFLMAO
 
There was no reason for anybody to have been long the market since, oh, about January. This the capitulation many said to expect.

Game over.
 
wayneL said:
Monday, according to many commentators, the market is either saved or goes over the edge.... a thousand FTSE points according to my soothsayers.

I've placed a bit of an each way bet. If we're saved, I make a little bit of money (that's the place bet), if we tumble into the abyss, I'm a rich man. Loss situation if the market dithers and vols collapse on Monday.

I think it will be a long weekend.
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Half an hour to go and Dow -700, SP500 -96

Happy to take the money, but things look bad :(
 
I've got a few Australian positions open that would probably fit that description - but wish I'd been a bit more aggressive now. Tomorrow (today) will be interesting anyway.
 
Well I certainly won't be paying for any inflated volatility today but I might sell some of it and see if I can find something closer to pure delta.
 
mazzatelli1000 said:
On a positive note, gold is up :)
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Yeah - the long gold positions might actually pay off one day :eek:

I think if the bailout goes through it is more inflationary and thus better for gold. I also believe its better for the economy at this juncture - as long as they also try to manage an orderly decline in the USD and also don't try to prop up every insto - i.e. let the basket cases fail but shore up the ones that can weather it plus look after some of those that are important from a systemic perspective. The liquidity injection might let them manage it so the whole lot doesn't go up in smoke, but its a fast burning fire at the moment.
 
theasxgorilla said:
There was no reason for anybody to have been long the market since, oh, about January. This the capitulation many said to expect.

Game over.
Click to expand...

Exactly.

Now we just wait until we know which companies are going to survive, or buy index funds for now.

Poor old Nizar looks to have been beaten and stopped blogging. Just can't conceive why anyone would have decided to be long only in a mechanical system recently. Untestable and insane...
 
Paulson is set to now meet with Bernanke, Bush and congress to try and work out some form of a solution to the current crisis after today"s vote failed to go through. The market is now pricing in a 100% chance of a 25bps Fed rate cut at the October meeting with a 70% chance for a 50bps cut.

Cheers
.............Kauri
 
wayneL said:
Half an hour to go and Dow -700, SP500 -96

Happy to take the money, but things look bad :(
Click to expand...

Well done Wayne, maybe one day you could explain how you "straddled" this event and came out a bigger winner than only a winner. Surly a fitting addition to your options thread?

Cheers,


CanOz
 
Can someone please advise.. if i set some stocks to sell at market prior to open will they be sold at the lowest sell price or the highest buy price ??
How would this work as it is not something I generally do ???
Thanks !
 
hey chaps - 3 peaks domed house. looks a bit like the DOW hey. 7,500 anyone? (not tomorrow btw :))

wood061806a.gif


Dow at close last night

dowLee.jpg
 

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