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The official "ASX is tanking!" panic thread

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World markets are coming to a critical point in time.
Here as we can see the charts of the US/EUROPE and Australia are very similar.

Resistance or breakout??

The true potential will be seen in the coming days and I haven't placed Volume on the chart for a reason.

FROM HERE ON

We need to see volume at an average with a definite bursting through resistance to have confidence in a return to bullishness.
Increased volume into resistance I will see as weak and either resistance OR a false breakout.(Bull trap).

There is more to play out before this top is tested and could be as quickly as this week or as long as a few weeks.

CLICK TO EXPAND

 

Thanks skc and Tech.

Bloomberg is giving SPI as +8 which seems false. I imagine you are checking elsewhere skc.... May I ask where please?
 
Muschu said:
Thanks skc and Tech.

Bloomberg is giving SPI as +8 which seems false. I imagine you are checking elsewhere skc.... May I ask where please?
Click to expand...

IG markets make up some quotes as a market maker before official SPI open. It's not always correct but within say +/- 10 pts usually.

SPI is open now and down 30 so the IG guess is reasonable this morning.

Bloomberg (the website) for live data is very slow... and not too many retail traders can afford Bloomberg terminals.
 

Thanks skc. Have you a website [please] for IG? The Bloomberg site I am using is stlll showing +8....
 
Rick,

The spi closed +8 at the end of americas friday night session so the bloomberg quote is correct.

The spi resets at 9:50
 
Yep looked at the wrong moment! Interpreted it as US performance would bounce then Euro inaction would quickly over run it.
Wrong.
 
tech/a said:
World markets are coming to a critical point in time.
Here as we can see the charts of the US/EUROPE and Australia are very similar.

Resistance or breakout??
Click to expand...

NASDAQ-100 (QQQ) has already broken out of your R/B line based on retard-strength showings in AMZN and AAPL. Russell 2000 (small caps) isn't showing the same conviction and lagging. Breadth as measured by NYSE Summation Index and NASDAQ Summation Index still well negative.



Meanwhile, the DAX looks downright anemic.

This might all sound a bit bearish, but really, with correlations between indices this low, it's sort of bullish. During 2008 implied correlation was pretty much 100%.
 
Muschu said:
Thanks skc. Have you a website [please] for IG? The Bloomberg site I am using is stlll showing +8....
Click to expand...

Just igmarkets . com . au

You can sign up for a free demo account to get those numbers.
 
he asx isnt tanking. If you want tanking come and watch my footy team play, port adelaide. Thats how you tank
 
adds4 said:
he asx isnt tanking. If you want tanking come and watch my footy team play, port adelaide. Thats how you tank
Click to expand...

Yeah but they picked a bad year for that as the extra draft picks they would usually get as a bonus are all gone
 
When Australia tanks again, tomorrow or the next day. I hope Aussie Jeff or someone else hops on this thread with a rant and says something really insulting about Greeks. I found it most amusing the last time someone did that.
 
LifeChoices said:
When Australia tanks again, tomorrow or the next day. I hope Aussie Jeff or someone else hops on this thread with a rant and says something really insulting about Greeks. I found it most amusing the last time someone did that.
Click to expand...

+ 1 !

tomorrow looks likely ...

.. man o man why did I not look at shorting qantas this week.
 
Markets were looking ok there for awhile, then they just all fell off a cliff.
 
nomore4s said:
Markets were looking ok there for awhile, then they just all fell off a cliff.
Click to expand...

It was a very quiet morning with very low volume... it felt like everyone was looking around for direction on how to react to the Italian downgrade.

Then, like a school of fish suddenly turning direction without any prompts, we decided South is the way to go... probably more sensible than North.
 
Has anyone else been brave enough to do bargain buying today? I haven't yet, but NAB @ just under $22 is really teasing me...

I wonder when the Greek default will be. Given that everyone thinks it's almost a certainty, have the markets already priced that in?
 
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