The official "ASX is tanking!" panic thread

[kermit345]

I started buying RFE and topped it up through-out the course of a couple of months and saw 0.37 jump to 0.40 jump to 0.505 - I just don;t have enough money to buy into the stocks that you have bought into. You must have a nice fat amount sitting in equities

I am going to check out your stocks tonight and do some research. Todays crash is a huge shame because it puts people like me in the lurch... People like me being newbie uneducated fellows with more money than time...

Rex, your post scares me. You say you don't have enough money to buy into the stocks mentioned but say your out buying small caps?

I hope you realise that whether you buy 100 RIO shares for $72 a share ($7,200) or say 14,400 shares in company XYZ for $0.50 a share ($7,200) your still investing the same amount of money and a 10% gain on RIO will mean the same capital increase as a 10% gain in XYZ, no matter how many units you have.

It sounds like you believe because you have low capital u have to invest in lower priced shares to still maintain a relatively higher number of shares. Just want to make sure you realise that this is not the case and I hope you aren't putting yourself at higher risk by doing so.

On a personal note while the last 2 weeks have obviously been quite severe (particularly today) if you have at least something stashed in cash and the patience/ability to ride it out for now and put more capital in when it starts showing some resistance then there is no need to panic.

Try to sleep easy tonight and remember that while the worlds issues won't be gone overnight, next week or even most likely next month. You can rest assured that the goal of those involved will be to repair the mess that has been caused and eventually some form of normalisation is more than likely to return.

good luck to all, happy bargain hunting

 

[skc]

I'm 68kg too... and probably 3kg overweight at that, but I wrastle with 500-700kg beasts about six times every workday (for an appropriate cash consideration ); I'm sure you could handle the AK... sheez they give them to their kids over in the Middle East.

That is not a nice thing to say about your missus even though she take all your money...

 

[wayneL]

That is not a nice thing to say about your missus even though she take all your money...

Missus is 53kg and very much more formidable than the German bred pukes I have to deal with... but at least she cooks dinner and washes my clothes.

...mind you, I'm a better cook!

 

[LifeChoices]

I've been investing/gambling with shares since 2004 and my portfolio has never really recovered since the GFC. I started reading the signs of bad things to come around May/June this year and began selling about 70% of my portfolio.

Today just confirmed my fears and I panicked and shed of 20% more - just leaving some shares in gold and silver.

Right now I don't feel too bad about it, kind of relieved.

What I feel bad about is spending all day pressing refresh on commsec instead of going for a surf.

 

[wayneL]

...mind you, I'm a better cook!

And if there is a God, I pray to him/her that missus never reads that.

 

[trading_rookie]

But why is the ASX tanking more than the Asian, US, and European markets?? We're not gonna default, have less debt than they do and are still riding high on a commodities boom...doesn't make sense that our market would drop twice as much as what the others are?!?!?!

If markets are pricing in the global recession almost every economist is predicting is already upon us and will, for all intense and purposes be announced officially next year...again it appears we are still free-falling more than the others...or is this the Gecko's of Oz causing mass panic so they can rattle some cages and buy on the cheap?

 

[wastedgolfer]

What I feel bad about is spending all day pressing refresh on commsec instead of going for a surf.

lol I did that most of the day too, i felt that the low is yet to come so I sold all three of my shares today. I am only a newbie and felt although I was dissapointed with my loss I would rather see what happens over the weekend and buy later on.

 

[wayneL]

But why is the ASX tanking more than the Asian, US, and European markets?? We're not gonna default, have less debt than they do and are still riding high on a commodities boom...doesn't make sense that our market would drop twice as much as what the others are?!?!?!

If markets are pricing in the global recession almost every economist is predicting is already upon us and will, for all intense and purposes be announced officially next year...again it appears we are still free-falling more than the others...or is this the Gecko's of Oz causing mass panic so they can rattle some cages and buy on the cheap?

There is more possible downside in Oz.

 

[trading_rookie]

More possible downside in Oz.

Coming from where though?

My thinking is the carbon tax and retail slump have also been priced in.

We're more cautious than say the yanks who seem to be creating another IT bubble, whereas here there isn't that hysteria with recent and upcoming floats for IT stocks.

The AUD has taken a tumble this week...should we be manipulating it like the Swiss and Brasilians ;-) or a dollar back at 70-80c would be a good thing in terms of market stability and possible business recovery with more exports and tourism picking up?

What's puzzling is we have no confidence, yet one US fund manager reckons countries like Oz and Brasil is where one should be looking to due to small deficits and commodity booms.

Just can't put a finger on it 'cause it crazy and doesn't make sense as to why we are so much more in the doldrums than the rest of 'em?

God help us if we have another natural disaster here or anywhere else in the world!

 

[theartglasshouse]

I'm 68kg too... and probably 3kg overweight at that, but I wrastle with 500-700kg beasts about six times every workday (for an appropriate cash consideration ); I'm sure you could handle the AK... sheez they give them to their kids over in the Middle East.

Man up Arty!!

:

I seem to be manning up quite well through this storm, why the others are selling and running

The FTSE is down again, so more carnage on Monday...

 

[explod]

Its always more about sentiment and it is flowing big time and now gaining momentum.

 

[LifeChoices]

Coming from where though?

My thinking is the carbon tax and retail slump have also been priced in.

We're more cautious than say the yanks who seem to be creating another IT bubble, whereas here there isn't that hysteria with recent and upcoming floats for IT stocks.

The AUD has taken a tumble this week...should we be manipulating it like the Swiss and Brasilians ;-) or a dollar back at 70-80c would be a good thing in terms of market stability and possible business recovery with more exports and tourism picking up?

What's puzzling is we have no confidence, yet one US fund manager reckons countries like Oz and Brasil is where one should be looking to due to small deficits and commodity booms.

Just can't put a finger on it 'cause it crazy and doesn't make sense as to why we are so much more in the doldrums than the rest of 'em?

God help us if we have another natural disaster here or anywhere else in the world!

In the scheme of the world economy Australia is small fry. Most of the time that's a really good thing - sometimes, like now - we are swept away with all the other small fry in the world.

Lots of things are unfair.

 

[wayneL]

I seem to be manning up quite well through this storm, why the others are selling and running

The FTSE is down again, so more carnage on Monday...

Sometimes real men cut and run

The trick is to do it early enough.

 

[trading_rookie]

In the scheme of the world economy Australia is small fry.

Agree. If it weren't for developing nations wanting our resources the s&p and xords would most likely still be hovering around the 2000 mark, with a currency to match. Remember that throw-away line "another day another 50c" ;-)

Hence the point, if we are small fry then why such big losses? Surely not every global investor and hedge fund had their money in our markets and currency and then decided to pull out and cash in..or did they? ;-)

 

[theartglasshouse]

I'm enjoying the carnage though, I can get more bang for my 2 cents in the long run...

No point in selling now, would not be worth it in my opinion. Ride out the storm

 

[LifeChoices]

if we are small fry then why such big losses? Surely not every global investor and hedge fund had their money in our markets and currency and then decided to pull out and cash in..or did they? ;-)

It wasn't a big loss, I think during the GFC there was more than one daily loss of 5% - that's how we roll

 

[tech/a]

It's pretty clear few here trade with any real capital if at all.

 

[Slipperz]

The RBA has a bit to answer for IMHO. I'm speaking from a Sydneycentric perspective here. They can talk all the macroeconomic crap they like and say the mining boom this and that but the fact of the matter is there isn't a lot of mining activity in Australia's largest city or the others for that matter. Just over five months of wealth destruction and ongoing failure of consumer confidence. Excessively high house prices and a continuously rising cost of living.

I don't know what it takes for them to realise this. The huge majority of Australians don't live in the Pilbara!!!

Every business I talk to is hurting, sale signs are everywhere, after hours the CBD in Sydney empties out rapidly as the workers go home to save their cash and yet we are somehow relieved the RBA didn't increase rates at their last meeting.

Noone wants to spend money because it costs too much to borrow and it can't be made on the market for the past six months and the RBA says business as usual.

I beg to differ.

And I really can't be arsed going on more about it now but the writing has been on the wall in 2011 and now humpty dumpty has fallen off perhaps the reality might sink in to the uberbrains in Martin Place.

 

[trading_rookie]

It wasn't a big loss, I think during the GFC there was more than one daily loss of 5% - that's how we roll

So basically no one really knows why our market took such a big nose dive compared to the rest

Anyway, time to leave the office and head home...and hope Monday doesn't come quick enough

 

[theartglasshouse]

It's pretty clear few here trade with any real capital if at all.

Forgive us...we are merely plebs Bill Gates...