Market took a hammering today

[CanOz]

I had trailing stops on, and they all got hit yesterday( mining and oil). I managed to suffer a "less loss" because of them though. I'm now 100% in cash. I think i'll just watch for a while.

 

[Realist]

Well there was a thread earlier this year saying we are due for a correction in September/October and most people agreed. I certainly did.

I'd have been tempted to pull out last week of August and buy back in early November, but the brokerage of selling everything and buying everything back just aint worth it.

I'll just sit and watch and curse.

I'm glad I do not own WPL that is for sure...

I'm getting smashed on BHP and RIO and others though. Possibly unfairly they are both making huge profits and will continue to do so even if Resource prices dip.

 

[SevenFX]

wow
bhp down more than 5%
is this a bargain ?

Tomorrow's/Next Weeks price will tell you whether you got a bargin or paid too much.

 

[Magdoran]

Could be something to do with world wide TIGHTENING LIQUIDITY.

Which is being confirmed by :

MacBank begining to decline last Wed
BHP confirming with it's decline Wed
US treasurey yields 30y/5y @ 1.05 and climbing
Base Metals & Crude falling @ a greater percentage than POG


IMHO the only thing to prevent the June Lows being tested , is that the SP500 makes a close ABOVE 1315 ---- time to SHORT coming into Oct/Nov


Cheers

Sounds about right to me...

 

[CanOz]

On the positive side there are some nice gaps being created. Watch for reversals and we might pick up some uptrends intent on gap filling in the coming weeks.

 

[warney]

this is getting ugly,my entire watchlist is red

 

[Freeballinginawetsuit]

If the materials sector dosen't pull up in the close, I reckon the market might soften up even more tommorrow. Spewing!

That said, its to late for me, I just bought up this morning.

Hopefully it rebounds, seems like cheap SP prices for the sound stocks.

I'm punting on a rebound anyway!

 

[Realist]

I got dorked all ends up today.

Down 2.1%.

 

[Alfredbra]

september 11th in the US, perhaps this has alot to do with stocks being down today and yesterday?

 

[Realist]

september 11th in the US, perhaps this has alot to do with stocks being down today and yesterday?

US stocks were up a little though.

My saving grace was a measley 5% rise in my Nasdaq shares.

 

[Alfredbra]

really? hmmm my asx stocks were down 10% plus and one topping it off at 16% down! very angry today. for long term investors would it be appropiate to hold off all stocks during this time of september and august as some ppl believe?

 

[dj_420]

it depends on what you call long term.
For me my u stocks are long term MTN, SMM, AGS
Im holding these ones for at least 5 years, so im not particularly worried as yet, i will just keep adding on pullbacks.

but if you are long term what is the point of selling out every years during sept/oct. it just doesnt make any sense.

 

[Luke6450]

Great two days of hammering.... If it doesnt improve tomorrow I can see myself being stopped out of all my shares.... Really hoping some super funds or something gets thrown in to push it up in the right direction again..... But what if it does continue to be so bearish? What do we do then... Keep trading with a lot less chance of getting a winning trade or do we change markets.... Not sure if there is any other good markets out there at the moment. Someone on the thread said Dow has been going sidways for 7 years now.... Jeeeeze... They sure are making it hard for ppl to make money these days now arent they.. What do we do ... what do we do!?

 

[wavepicker]

Great two days of hammering.... If it doesnt improve tomorrow I can see myself being stopped out of all my shares.... Really hoping some super funds or something gets thrown in to push it up in the right direction again..... But what if it does continue to be so bearish? What do we do then... Keep trading with a lot less chance of getting a winning trade or do we change markets.... Not sure if there is any other good markets out there at the moment. Someone on the thread said Dow has been going sidways for 7 years now.... Jeeeeze... They sure are making it hard for ppl to make money these days now arent they.. What do we do ... what do we do!?

It's hard if you buy and hold, on the other hand in those 7 years we have had some great tradeable swings as well. Would not surprise me at all to see a similiar scenario unfold in the ASX.

 

[Luke6450]

It's hard if you buy and hold, on the other hand in those 7 years we have had some great tradeable swings as well. Would not surprise me at all to see a similiar scenario unfold in the ASX.

Do you trade the US market? Are you form the US?

 

[stiger]

Great two days of hammering.... If it doesnt improve tomorrow I can see myself being stopped out of all my shares.... Really hoping some super funds or something gets thrown in to push it up in the right direction again..... But what if it does continue to be so bearish? What do we do then... Keep trading with a lot less chance of getting a winning trade or do we change markets.... Not sure if there is any other good markets out there at the moment. Someone on the thread said Dow has been going sidways for 7 years now.... Jeeeeze... They sure are making it hard for ppl to make money these days now arent they.. What do we do ... what do we do!?

Wait till the lemmings stop migration then get on uto and nwr.IMHO both of them have the goods.Dyor. Cheers.

 

[justjohn]

All this carnage has happened with the US markets are up slightly what kind of bath are we going to get when they start to fall .Some good news gold is pushing up so this might have a steadying effect for tomorrow .We actually might see some GREEN .

 

[canny]

Probably the best early evening indicator here is this site - which updates itself.
http://money.cnn.com/data/premarket/
Looking fairly even right now - don't expect a major DOW down, it's the commodities prices and POO that sent everyone running to the bank stocks today.
I just see it as a time to bargain hunt nd top the trolley - look at hte oversold stocks where all you poor buggers have been stopped out - and I'll hop in to ride them back up to 'normal' again!
Took a 10% gain from BMN today - getting in after it had bottomed and out this afternoon.
You CAN trade these days if you pick the stocks that have been savaged and will bounce.

 

[mime]

This kind of "Correction" is unfair. The average PE of stocks on the asx is 13. That's not over valued. I got hit soooooo hard today that it'll take maybe 6 months to a year to regain where I was. When will some sainty control the market and not fear.

 

[nioka]

This kind of "Correction" is unfair. The average PE of stocks on the asx is 13. That's not over valued. I got hit soooooo hard today that it'll take maybe 6 months to a year to regain where I was. When will some sainty control the market and not fear.

If the market is not overvalued why did you sell ?