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The official "ASX is tanking!" panic thread

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Markets not looking good technically.

Red night tonight on DOW would see it break down out a bearish flag and looking at making a lower low.

With the XJO breaking support today 4070 we will probably test AUG 9th low if the yanks put in a bad night.

If markets do make a lower low it could spark some more panic selling, will the big boys buy up or head for the exits.
 
I went on a bit of a buying spree this arvo. Didn't really get exactly what I was after, but feel ok with what I ended up with. I bought equal parts of EGO, MIN and BHP. I hope to turn over some of my stock on the bounce - if there is one. Otherwise I'll just sit it out and wait for my gold and silver stocks to make me rich beyond my wildest dreams.

If all else fails I've still got close to 2K and am heading to the U.S. in October where I'll buy boxes of these - and will get rich that way - pretty cool eh!

 
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Nothing has changed---- lots of discussion---- but nothings changed


tech/a said:
Thats no demand and the market has come off a bit.
This is really weak.

No reaction as expected to Interest rates.
Already factored.

Mind you at least Aus isnt broke

Only BROKEN-- politically
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tech/a said:
http://www.telegraph.co.uk/finance/...rash-could-hit-within-weeks-warn-bankers.html

View attachment 44218

AHHHHHHH!!!!!
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tech/a said:
Why is everything seen as a panick
Why isnt it an astute reaction to a serious issue?
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skc said:


View attachment 44123
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How is it we clearly tanked out on the index and yet virtually all the bigger Oz stocks failed to make new lows? I see divergence ... Coupled with that crazy drop off day in August so near term support ... Not advocating any long positions (I bailed on RSG at the close ... so now flat). The DJIA futures do look sick but again the main players in the US are not making new lows at the same time. If I was to go short (and Im not going to) the index and the stocks need to reconcile, and from what I can see they do not.
Only thing certain for me is that whiplash will be the main complaint in the next little period.
 

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TheAbyss said:
Nice qualifier "I know its early" XJO down 2.8% atm.

What do people think of the following as a group of stocks that may bounce quicker than others on updays while we go through lower highs, lower lows? Not saying keep them, just that they are likely to go up on the bounces.

LYC.AX LYNAS FPO
TLS.AX TELSTRA FPO
TTS.AX TATTS GRP FPO
FMG.AX FORTESCUE FPO
DXS.AX DEXUS PROP STAPLED
FXJ.AX FAIRFAX FPO
PLA.AX PLAT AUST FPO
RSG.AX RESOLUTE FPO
IGR.AX INTEGRA FPO
MAP.AX MACQUARIE AIRPORT
IOF.AX INVESTA STAPLED
AIO.AX ASCIANO FPO
FGL.AX FOSTERS FPO
BDR.AX BEADELL FPO
GFF.AX GOODMAN FPO
RED.AX RED 5 LTD FPO
NCM.AX Newcrest
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IMO the stocks that will bounce are the high(er) quality ones. GFF, PLA and FXJ are dogs for all seasons and will probably lag in any bounce. The gold shares (RSG, NCM, BDR, RED, IGR) haven't really fallen so not really bounce candidates either. FGL, TTS and TLS are pretty steady usually so again not great bounce candidates. DXS, MAP, IOF are more related to the interest rate cycle and won't have huge bounces compared to some.

That leaves FMG, LYC and AIO on your list as decent bounce opportunities. But if you just want to trade a bounce then XJO is probably as good an instrument as individual shares.

tech/a said:
Nothing has changed---- lots of discussion---- but nothings changed
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Something has changed... we are getting closer to D-day. The Germans are starting to think that they can let Greece fail. They are probably still trying to determine the extent of the short term pain before they pull it.
 
Dutchy3 said:
How is it we clearly tanked out on the index and yet virtually all the bigger Oz stocks failed to make new lows? I see divergence ... Coupled with that crazy drop off day in August so near term support ... Not advocating any long positions (I bailed on RSG at the close ... so now flat). The DJIA futures do look sick but again the main players in the US are not making new lows at the same time. If I was to go short (and Im not going to) the index and the stocks need to reconcile, and from what I can see they do not.
Only thing certain for me is that whiplash will be the main complaint in the next little period.
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The index hasn't made new lows. The index is made up of stocks so by definition they must and do reconcile!
 
Let me rephrase my statement.

Nothing has changed from my original Elliott Analysis.
The initial count is still valid.
Alternatives haven't played out.
 
I will go against the current and call for a green day, abiet just, on the XAO tomorrow.

Could be wrong but then again, when everyone tells you the world is ending, the majority are often wrong.

Happy trading.
 
satanoperca said:
I will go against the current and call for a green day, abiet just, on the XAO tomorrow.

Could be wrong but then again, when everyone tells you the world is ending, the majority are often wrong.

Happy trading.
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Good call. The US market these days has a tendency to creep up after Europe's close. Apparently now the Chinese will bail out Italy... what's next, Ferraris rebadged as Great Wall?
 
skc said:
Good call. The US market these days has a tendency to creep up after Europe's close. Apparently now the Chinese will bail out Italy... what's next, Ferraris rebadged as Great Wall?
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Apparently not just Italy but also Greece..so much for China wanting to sit out the Euro-mess and forge their own version of Nirvana. Now it appears they have NO CHOICE but to get their hands grubby with filthy Euro lucre.

Just one inevitable step closer to the endgame IMO. The Chinese have discovered there is no place to hide on this planet.

Oh well, their tardy intervention & market manipulation should enable some beer and skittles before the Big Bang somewhere down the track...

Let's party! :D
 
skc said:
Good call. The US market these days has a tendency to creep up after Europe's close. Apparently now the Chinese will bail out Italy... what's next, Ferraris rebadged as Great Wall?
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Whilst the USA might think China bailing out Europe is a good thing, Europe sure as hell don't. FTSE and DAX not looking good atm.

All ords were pretty uninspiring today.
 
Very whippy market.

-BNP Paribus unable to borrow in dollars anymore - seeking out euros.
-Then report denied.
-French/German will come to agreement on Greece by Tues
-No such agreement exists.

Wild swing fun!
 
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