Australian (ASX) Stock Market Forum

The official "ASX is tanking!" panic thread

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tech/a said:
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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I hear you, Tech. I was rather suprised to see the 50point increase as of eary morning, however not the sustained growth that I expected. Still there are many intermediate/long term buys that I consider to be decent in the mining industry.
 
Just a downgrade to what really is the worlds worst debt nation and has been for about 20 years - Japan.
I hate it when US markets go up so much overnight.
Just means down the next day and kills our rally in the noon.
Asia has panicked a bit over the downgrade which hasn't helped.
Still from a Tech view - nasty reversal!
 
whitefang said:
Just wondering how BHP's result is going to impact today's price action...
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I was waiting and watching BHP for that very reason but the price has not shifted all that much - in fact it is sightly down from open, but not a great deal. My interest may grow if it bust the moving average - but so far it looks like it will close slightly lower than yesterday.
 
tech/a said:
Why is everything seen as a panick
Why isnt it an astute reaction to a serious issue?
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Good question.
As I believe the majority of transactions are done without any human intervention, it would be hard to talk about "panicked" computers. Some retail players may panic, the rest
is algorithms kicking in.
 
tech/a said:
Why is everything seen as a panick
Why isnt it an astute reaction to a serious issue?
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Certainly wouldn't say everything is seen as a panic.
The people the sellers are selling to are not panicked!
(Maybe later!)

However, I feel it would be slightly naive to think that the market does not trade on emotion especially when there are high percentage macro movements and sudden shifts in market direction.
The machines tend to just balance things in response to the human elements.
That's my sense of it.
 
A very volatile day again. Opened on the high, down some 90 points by lunch, up 50 points at 3pm then closing back at the low.

There were some pretty big movements in some pretty big companies... WOR, SUN and even a dogs like BBG, SWM, PBG went on a run. MRE put on 35% thanks to the Glencore "average down". On the other side you have all the gold down a fair bit and bad results from AIO, WTF...

All in all a colourful market map for a change, rather than all green or all red.

20110824 EOD market map.png

The BHP result after market seems to have lifted the futures somewhat.
 
SWM I think that one had good reason and could be a middle distance runner, not just a sprinter! It's got more certainty now. I wish they were paying a slightly less dividend than the massive 8% fully franked one coming up. Should pay down more debt. Hate debt.
 
skc said:
The BHP result after market seems to have lifted the futures somewhat.
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Its a pretty good result imo, ive only spent 15 minutes looking at it, but seems to have beaten analyst forecasts pretty well. If not much happens overnight, could drive the market to a pretty good start on open tomoorow.
 
I think most of the market knew it was going to beat expectations, or at least achieve them...despite this...I have ZERO idea what will happen on the open tomorrow. All logic is gone!
 
The Bernanke meet is a stupid, media build up. The stupid markets will probably react with dissapointment. The issue is Euroland. If Bernanke announces a 20 Trillion stimulis package and gives every American $100,000 Euroland is still sinking in the dam and can harm the global banking system! USA is irrelevant at this point!

The DAX is the pulse!
 
tech/a said:
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.
Click to expand...

Its currently doing it again!
 
tech/a said:
Its currently doing it again!
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Agree.
Gaps up in the morning and then fades out during the day...not very constructive.
Shows that our market takes the lead from overnight markets, but it is very concerned about the Fed's outcome (or whatever). May not hold any gains today, but let's see...
 
I dont visit (or atleast contribute) here as often as I should. But I have to ask, and hope one of you experinenced guys can tell me. Perhaps my figures are wrong?

This is the thing that REALLY worries me.:banghead:

Right now, with all the bad news going around, the DOW is still up some 71% from the GFC lows. I think it reached something like 93% a couple of months back. The ASX on the other hand is currently up about 30%. I think we got to maybe 55% back in April? We tracked the DOW for a while, and then we trended slowly down.

What happens if the market does Tank, and the DOW goes back to say GFC lows circa 6500....where to we head? 1800?
 
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