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The official "ASX is tanking!" panic thread

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Sunder said:
Nice strong open on the ASX today. Respecting support around 4075 and we'll go for another test of resistance at 4300 or so?
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GDP figures at 11:30am. Will 'No recession' be enough to keep the market bouyant for the rest of the day?

Hard to imgaine that's not priced in already...
 
skc said:
GDP figures at 11:30am. Will 'No recession' be enough to keep the market bouyant for the rest of the day?

Hard to imgaine that's not priced in already...
Click to expand...

I think the market is pricing in a figure of about 1% (from the commentary I have read). If the figure comes in higher than that then it certainly bodes well for a strong close IMO.
 
Fingers crossed on that GDP figure.

Loving the look of the daily XAO chart, and many individual stock charts as well. So much promise there. Also the US and UK futures have climbed during the morning.

What a market, builds you up, only to knock you down again.
 
Bought some BHP shares @ 37.95 and MQG shares @ 23.20. (markets love it when investment banks start SLASHING jobs)

Full speed ahead!

Only invested ~5k of play money to add to my smallportfolio, with me luck!

And wow, $300B is a huge number from Obama!
 

I dont understand any of that but I bought BHP anyway!!

Sorry - double posted!
 
Yeah it is rather big.

Honestly giving tax breaks in america I personally think is the wrong move. Using the unemployed as workers to help fix the damage done by Hurricane Irene is certainly a step in the right direction. Lower unemployment, more tax incoming and despite the savings rate that will accompany the employment the increased money spent.

I havn't studied economics in depth but i cant see any real down sides to it besides the cost ofc. But the cost is a inevitable factor, repairs need to be made and using the unemployed is better then contracting a company to do so, unless the company was to hire unemployed people to undertake the task.

In regards to the rest, honestly i think using tax breaks and fiscal spending measures to get relected is irresponsible. There are measures he can take yes, but he should tread very carefully otherwise his spending could cause more problems for his administration down the line.

Hopefully his actual package is more fiscally responsible.

In regards to BHP yeah i jumped on at 36.900, so jumped a bit since then . Wish there hadn't such a delay on buying MQG shares though, jumped on just a little to late .
 
The Dows got a nasty bearish flag on the chart.

I hope obama got something good to unveil thursday night or world markets could get a shake up if its negative.
 
Hopefully good news will come out of Europe, who knows!

I was also thinking of buying QBE shares as well but every time I want to hit the buy button a new natural disaster seems to be on the horizon..

I saw the big $300B number in my inbox, and as an investor I think that'll only be positive for the share market (in the short term anyway)
 
The way I see it we have two possibilities from here.

Reasonable night in the US + holds up tomorrow too and we move 4200 - 4250 by Friday ... then we stall ... the US breaks down out of its channel and the market heads on down to make new lows taking out 4075 with ease. Goodnight tell your mother.

Else ... we move back to 4300 ish by Tues / Wed next week (The DJIA prepares to breakout of its channel) Followed by a glorious day towards the end of next week and 4300 is taken out.

My point is that by the end of next week this index will run out of time and its very unlikely to bounce around between 4300 - 4075, and stay stable, for a third occasion. If it does flop about 4250 for more than 3 - 4 days cover longs.
 

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Yeah, after what George Soros and Jim Rogers have been broadcasting lately I'm losing confidence in staying long for too much longer.
Probably means the markets about to rally!!!
Stopped out of my bank shorts but stuffed one of them up so got burned today and still have it!

Soros - http://www.cnbc.com/id/44419154
Rogers - http://www.cnbc.com/id/44419647

One thing I've noticed about 'ducks' is they tend to circle before they land!!
 
It looks like being a reasnable day today on the overnight markets it was all posative.
Im still not leaving anything in overnight for atleast another 2 weeks (just watch from the sidelines with day trades on good days)
Heres the data:
Nikkei 225 Japan 8,763.41 +2.01%
Hang Seng Hong Kong 20,048.00 +1.71%
FTSE 100 England 5,318.59 +3.14%
DAX Germany 5,405.53 +4.07%
US up aswell
Cheers
 

Yes and as the old saying goes... The fundamentals haven't changed!

Here's something to note about the Greek 1-year bond. It's yielding 93%?!

 
So what will today bring I wonder? The SPI 200 futures are up about 40 the DOW futures are up a mere 7....
Could we be looking at a modest move up today and then be dependent on the US's reaction to Obama's words?
A good day to do nothing?
 
Muschu said:
So what will today bring I wonder? The SPI 200 futures are up about 40 the DOW futures are up a mere 7....
Could we be looking at a modest move up today and then be dependent on the US's reaction to Obama's words?
A good day to do nothing?
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Modest? I'm expecting a HUGE rally
 
Muschu said:
So what will today bring I wonder? The SPI 200 futures are up about 40 the DOW futures are up a mere 7....
Could we be looking at a modest move up today and then be dependent on the US's reaction to Obama's words?
A good day to do nothing?
Click to expand...
Dow futs up 7 from US close @ 6am. They've had a pretty huge night!

Chasero said:
Modest? I'm expecting a HUGE rally
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Time to fade!
 
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