Australian (ASX) Stock Market Forum

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avion said:
Awesome!! But i think my eyes hurt from that crazy DOM at the opening... :eek:
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lol....i know right! I got some on video, will see how it looks when the cash opens:eek:
 
CanOz said:
Was chatting to a guy that trades prop today, said he knows some guys that will make 6 and 7 figures today...
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Crazy amounts of money. Could not imagine holding that kind of position in to the weekend.

I didnt even want to hold a EUR5 CFD haha
 
Europe bulls trying to close the gap in contrast to the weak Aussie bulls.

Euro economic health okay according to PMI.

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CanOz said:
Was chatting to a guy that trades prop today, said he knows some guys that will make 6 and 7 figures today...
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I am sure I made way more than that today (in currencies such as Korean Won, IDR or VND).

Trembling Hand said:
Monday gaps down never follow through.......

Other things that never work are absolute statements. :D
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Tend to agree. Greece isn't that important and there's been little contagion this time. The worry last few times was about Spain or Italy $het hitting the fan. Nothing like that this time round.

China is probably the bigger worry for Oz.
 
20:18(GR) Greece said to transfer €50K to EFSF to avoid default - German press (related EZU GREK) - Source TradeTheNews.com
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Shoot, i hope they had a bit more than 50 grand...:eek:
 
For those interested, there is a cool podcast by a young Australian called "Chat with Traders". It's quite worthwhile and he has had some very interesting people on the show. The last guy was a prop trader from Chicago....You can find it easily on iTunes podcasts.
 
What a magnificent session to trade! One of those everything-works poster shots with all the testimonials underneath it :D

nicesession!.png
 
This morning should be interesting on the HHI, HSI, and Xina50. These are basically the only way to access the China futures market for foriegners. The news is saying they're going to buy equities this morning to stop the plunge, the question is will this/can this work?

At the same time, they're making the same old mistake:

06:52 (CN) Several major brokerages to suspend lending securities to clients for short selling purchases - Chinese press - Including Gotai Junan, Changjiang Securities, China Merchant Securities, Founder Securities, Donghai Securities and Essence Securities. - Source TradeTheNews.com
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Without shorts sellers to buy back thier positions, the market will have less liquidity buying until the big boys step in because they see value again....that's the bottom. Short sellers take profit on the way down, to do this they have to buy back their equities that were borrowed and sold. By removing this option, the markets drop will be sharper...

Lets see what the morning brings....Gap up 6% to start as the Xina50 opens....
 
Hindsight trade of the year:

After the Asian markets nearly bottomed out today before the noon break, it became obvious to me that the trade of the year was short Hong Kong and long China. The theory being that HK would react more to Greece (being a more Global economy) and China would have the support of the brokers to intervene when the sell off got too nasty....

I pull a 1:1 spread chart up and sure enough, its sold off all day. Now i just wish i could think more like a spreader...less like an outright trader....

Actually, on the Greece thing...there's a couple of spread trades there too i reckon. The market will gap down, that's a sure thing. The ES has already likely priced this in, so the obvious trade is to short the ES and go long the Dax or Eurostoxx, at the proper trade ratio.



CanOz
 
CanOz said:
Hindsight trade of the year:

After the Asian markets nearly bottomed out today before the noon break, it became obvious to me that the trade of the year was short Hong Kong and long China. The theory being that HK would react more to Greece (being a more Global economy) and China would have the support of the brokers to intervene when the sell off got too nasty....

I pull a 1:1 spread chart up and sure enough, its sold off all day. Now i just wish i could think more like a spreader...less like an outright trader....

Actually, on the Greece thing...there's a couple of spread trades there too i reckon. The market will gap down, that's a sure thing. The ES has already likely priced this in, so the obvious trade is to short the ES and go long the Dax or Eurostoxx, at the proper trade ratio.
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Sounds good in theory but how do you know why HK has such outsized fall today? My guess is that there's some Greece in there, but probably mostly China. E.g. No one's protecting the HK market so may be a short there (on some of the A-shares?) could be a hedge against China? I can only imagine how poor the liquidity is on individual stocks on this plunge in China.

Pure speculations of course... these two markets are kind of beyond rationality.
 
skc said:
Sounds good in theory but how do you know why HK has such outsized fall today? My guess is that there's some Greece in there, but probably mostly China. E.g. No one's protecting the HK market so may be a short there (on some of the A-shares?) could be a hedge against China? I can only imagine how poor the liquidity is on individual stocks on this plunge in China.

Pure speculations of course... these two markets are kind of beyond rationality.
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Yeah true, but there is the HHI which is the China H class shares. The Hang Seng is less weighted towards mainland sticks than the HHI even...Even that had the spread blown out today...
 

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