Australian (ASX) Stock Market Forum

The official "ASX is tanking!" panic thread

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I dunno

Pretty clear to me.
Buying stopped and selling just kept going.

Not the strength of a week ago.---today
 
US futures turned negative after being positive till lunch may be due to expectations of oil stock weakness due to Libya.

Unfortunately, however, there may have been a change in culture from buy the dips to sell the humps, this is a tech negative, given no clear resolution to the real issue Euroland.

The pivot low of last Tuesday is holding for the moment. Pray?
 
WhoToTrust said:
Well if you go on the fact that over 1 Trillion has been spent bailing out banks, some people may see this as a good thing tho.

http://www.bloomberg.com/news/2011-08-21/wall-street-aristocracy-got-1-2-trillion-in-fed-s-secret-loans.html
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Really good read, thanks for posting that.

My highlight was this - "Citigroup was tapping six Fed programs at once. Its total borrowings amounted to more than twice the federal Department of Education’s 2011 budget" ... ahhh ... capitalism, tis beautiful.

tech/a said:
Pretty clear to me.
Buying stopped and selling just kept going.

Not the strength of a week ago.---today
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Nobody willing to buy in until they see direction from europe.

hey tech, do you think the buying in the market that drove the rally was mostly down to the institutional market buying power ? I get the sense that alot of retail investors are not keen on buying just atm. Giving me the thought that any real drive upward in the market needs to start squarely at the big end of town.

I think this could be a really interesting week for our market, BHP results are due this week I think ? do you think positive or negative results for BHP could influence the market given their weight ?
 
tech/a said:
Very very weak finish.
80 tick turn around.
The complete opposite to that
seen last weak where support just powered the XJO back
from heavy selling.

Doesnt bode well for those long!
Still a way to go to test support.
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Tech/a

Agree that price action has been very negative this afternoon.
You referring to 3765 support I suspect (because I do not see any other support between here and there...). It will probably take a bit of time, and many steps, we won't see too soon a 5% drop as on the 9th. Unless the Fed does NOT come up with something very "constructive" on Friday...

cheers,
 
Two huge events coming out of US on Friday - GDP and Bernanke's speech. Hard to see us rally hard ahead of those numbers, although you never know about news leaks etc.

Meanwhile Gold just cracked $1895...
 
Price action very bearish again overnight, but there is something which surprises me...SPI started converging with XJO, yesterday the gap narrowed to around 20 points and today almost same level as XJO, as indicating a short term reversal. Any thoughts ?

cheers,
 
Maybe it will take a run on the Euro banks to make the German voters realise that a Eurobond is probably the best of the unsavory options!
The Germans had been enjoying a week Euro relative to what a German currency would have been fetching. Even with that benefit they had no growth last quarter. :eek: Let's hope that last no growth figure was a one off! No wonder the markets panicked.
 
whitefang said:
Price action very bearish again overnight, but there is something which surprises me...SPI started converging with XJO, yesterday the gap narrowed to around 20 points and today almost same level as XJO, as indicating a short term reversal. Any thoughts ?

cheers,
Click to expand...

TLS and WPL both went ex divvie
 
skc said:
Definitely. We will probably close flat and that would have been a good result.
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Or may be not... new day high.

I reserve the right to change my mind for another 3 times before the market closes.
 
US futures pointing up. (hardly reliable in a market behaving like a beach ball in space)
Yesterday, US pointing down even though the US market finished mildly positive.
We're making up for our drop yesterday and feeling positive about tomorrow.
Gold is interesting.

Can't wait to short some gold stocks. Not yet though.
 
BHP results due tomorrow, if not much transpires overnight in us and euro id expect BHP to lead the market based on its results tomorrow.
 
RandR said:
BHP results due tomorrow, if not much transpires overnight in us and euro id expect BHP to lead the market based on its results tomorrow.
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You could be right, they have had very good production rates over the last 12 months and prices have been decent.
 
Foreign Markets up these last two days and the DOW performed well last night. Perhaps we will see some heavy influence in todays trading.

GL to all :)
 
Not the type of day expected.
Vastly different to the resilience seen last week.
I really get the feeling this is distribution more than Accumulation.
Will take a fair while for some positions to be wound down---without
shocking the market.
 
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