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The official "ASX is tanking!" panic thread

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I sold a put option over a company yesterday, I would have got a higher premium if I waited till today though,
 
Looks like we could end up near flat today, or only down slightly about 0.2% from the open. I think we could have a green day tomorrow on the asx. Will have to wait and see what happens overnight though. The rumours doing the rounds were greece was a possible chance of defaulting on the 20th due to the timing of CDS. If we make it to the 21st with nothing imploding there might be a 'slight' relaxing to peoples nerves.

This is only a hunch.
 
WhoToTrust said:
Sentiment seems to be worsening imo:

http://www.abc.net.au/7.30/content/2011/s3322973.htm

Interesting statement!
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Big fall on the djia overnight, particulalry in the last hour. ftse and dax both down. We will follow suite today. Wouldn't surprise me to see a sharp drop then a small bounce.

Still lots of "smart" people selling into the rises caused by "smart" people buying the bargains. Getting a bit like the retail stores at the moment, the bargains are even better a few days later. Bit like a stock clearance before the shut down.
 

Op Twist was already priced in. The market was hopeful of more and got nothing.

Now there is no immediate good news date on the US front. Europe is still doing it's best to delay the inevitable. If Greek is put down finally, it will be some time before the implications are flushed out and we are in for even more volatile times.
 
Quite the annoyance.

I woke up this morning to see my stocks tank - wondering what my next course of action should be...
 
satanoperca said:
Refer to trading plan.
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Trading plan indicates hold/accumulate for this particular stock, not for others. My main concern is my growth investment as things are nearing boiling point for a re-evaluation. I will just wait - but at the same time I fear the XAO will drop to the percieved levels way under 3900, in turn a massive hit on the stocks.

Perhaps I'll hit the bleachers for the time being...
 

We're in the buy zone now. Waiting for that turn around (hopefully).
 
Actually I didn't sense much panic this morning... 'orderly' sell off of 3-5% amonst the large cap financials and industrials, while some of the former market darlings are taking harder hits. Base metals are hurting a bit more, but all in all it is not like a capitulation yet...
 

SKC, not sure if that reply is to me, but I'm not looking for capitulation. Capitulation occurred on the 9th of August for me. I have since been looking for a retest of that bar which we are now in. Need to see a reversal bar to have any merit though and if the XAO ploughs through 3800 I'll have to reassess.
 

Yes and No. Really just talking to myself. Hardly got any triggers on pairs trading which indicates things are just all moving up and down together (as opposed to all over the place) and hence my comment re orderly sell-off.

Personally I think the XAO chart is just messy and won't reveal a clear picture as long as Greece remains in limbo.
 

Greece is going to remain in limbo for a while in my opinion. What do you think of the forecasts in regards to Greece defaulting by the weekend? A bit outlandish imo, then again, I've been wrong many several times before.
 
LostMyShirt said:
Greece is going to remain in limbo for a while in my opinion. What do you think of the forecasts in regards to Greece defaulting by the weekend? A bit outlandish imo, then again, I've been wrong many several times before.
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Well... Greece is like a dead / infected organ in the EU body... the earlier the amputation the less chance it has to spread.
 
Greece cannot be allowed to default.
It has to be rescued.If it isnt rescued then
you will again see banks dropping like flies and
there will be a dominoes effect as those banks default in areas not associated with Greece.

Here are some disturbing figures held by banks relative to Greece debt.

Japan $500 mill
Spain $600 mill
US $1.8 Bill
Italy $2.6 Bill
UK $3.2 Bill
France $19.8 Bill
Germany $26.3 Bill
Others $15.7 Bill.

Get the idea?
 

Greece won't cause those banks to go bust the numbers just aren't big enough. Of course if it spreads to an economy with some consequence (Italy and Spain are the two that come to mind) then all bets are off.
 
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