Australian (ASX) Stock Market Forum

The official "ASX is tanking!" panic thread

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skyQuake said:
Or those that bought this arvo :)

You don't need to follow every tick and move. Sometimes its best to stay out if you have no idea whats going on
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Buying in yesterday when our market finished 50 points down and the FTSE and DOW futures down is just pure luck. No skill, just blind guesing. The same guessing that has lead to people buying at 6800 in 2007 and 5050 earlier in the year and then holding on.

In fact the DOW last night looked like it was going down mid morning then it staged a rapid advanced.

The market did well today. Maybe I should've bought in as we head towards 6800 again.
 
Chasero said:
That's what i think MIGHT happen over the next few days. Basing it on the assumption that this is a dead cat bounce, and general trend is downwards. (depends on news of course over the next few days)

Take it with a grain of salt.
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Lynas just cut its giant fall in half...in one day. By the end of the week it could be back around $1.60-70 or down at 50c. Who knows these days.
 
European markets open:

FTSE 100 England +112.46 +2.21% 5,201.83 4:13am ET
DAX Germany +180.33 +3.37% 5,525.89 4:13am ET

DJIA futures as at 6:44pm Sydney Time +89

I suspect that the "panic tanking" might be on hold again tomorrow. This morning I thought that the xao would recover yesterdays losses and maybe a bit more, topping out arround +90 before fading back. Never expected 135. Nice finish.
 
Chasero, looks like you were right in predicting LYC's high, not sure where the price will go from here.

Just wishing (as everyone probably is) that I'd bought some LYC shares yesterday. Finished up 35% higher than yesterday!!! Could have taken one hell of a holiday with a capital growth such as that in ONE day :rolleyes:

If LYC shares get to 50c I will definitely be jumping on board. However, who knows what the rest of the week will bring...
 
Nero64 said:
Buying in yesterday when our market finished 50 points down and the FTSE and DOW futures down is just pure luck. No skill, just blind guesing. The same guessing that has lead to people buying at 6800 in 2007 and 5050 earlier in the year and then holding on.

In fact the DOW last night looked like it was going down mid morning then it staged a rapid advanced.

The market did well today. Maybe I should've bought in as we head towards 6800 again.
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Not blind guessing at all. If you'd paid attention to some of the stocks being sold down, it felt like relentless liquidation. Ditto for gold. Banks were up so you'd know it was only crap that was being sold off, rather than a general downmove.

Then again you could have bought this morning. fwiw futures started to turn up after the aussie close. (DOW futs were down cause Hong Kong and Aus were down) Commodities and global futs all rallied thru the UK session.
 
FreshTrader said:
Chasero, looks like you were right in predicting LYC's high, not sure where the price will go from here.

Just wishing (as everyone probably is) that I'd bought some LYC shares yesterday. Finished up 35% higher than yesterday!!! Could have taken one hell of a holiday with a capital growth such as that in ONE day :rolleyes:

If LYC shares get to 50c I will definitely be jumping on board. However, who knows what the rest of the week will bring...
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A lot of the charts are saying that since we broke the 4,000 level, shares are most likely to rally upwards to 4,200-4,300 again.

I still think it's too risky to even attempt to trade and hold overnight with shares such as LYC, even though i THINK it'll rally more tomorrow. (Maybe even to the end of this week!?)

I tend to be more realistic. Bear markets have huge swings and I'm not going to be caught on the wrong side of one. I'm not that much of a risk taker :)
 
skyQuake said:
Not blind guessing at all. ......Then again you could have bought this morning. fwiw futures started to turn up after the aussie close. (DOW futs were down cause Hong Kong and Aus were down) Commodities and global futs all rallied thru the UK session.
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Very difficult to talk to any long time frame atm. Tomorrow looks OK. After that???
 
There is a very convincing article in yesterday's Eureka Report that suggests that the Australian indices are on the precipice of a very steep bear market decline and rallies like today should be taken advantage of to lighten holdings in equities.

The article had charts, candles and everything. :eek:
 
Chasero said:
I still think it's too risky to even attempt to trade and hold overnight with shares such as LYC, even though i THINK it'll rally more tomorrow. (Maybe even to the end of this week!?)
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Heh, I doubled by LYC holdings and bought in yesterday in the low 90c range - average price about $1.30 now. Of course, there's no way I'd be doing this if I was anywhere near retirement age.

Anyway, Italy's sold a nice chunk of debt and Gold, Oil and US futures are up. It's like the skies just cleared again, but for how long will this mood last :)
 
McCoy Pauley said:
There is a very convincing article in yesterday's Eureka Report that suggests that the Australian indices are on the precipice of a very steep bear market decline and rallies like today should be taken advantage of to lighten holdings in equities.

The article had charts, candles and everything. :eek:
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I think we had a seasoned poster here suggesting the market will trade sideways for some time. That does not appear to be an uncommon view.

Plus there have been suggestions to sell into strength.... [No issues with that]

I am not a risky trader, am probably older than most ASF subscribers, and there seems to be nothing definitive [in fact the contrary] coming out of Europe.

I also take particular note of ASF subscribers who acknowledge not having found the perfect path. Those who infer consistent success should perhaps take over the IMF....... as Step 1.
 
Muschu said:
I think we had a seasoned poster here suggesting the market will trade sideways for some time. That does not appear to be an uncommon view.

Plus there have been suggestions to sell into strength.... [No issues with that]

I am not a risky trader, am probably older than most ASF subscribers, and there seems to be nothing definitive [in fact the contrary] coming out of Europe.

I also take particular note of ASF subscribers who acknowledge not having found the perfect path. Those who infer consistent success should perhaps take over the IMF....... as Step 1.
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Ahh, what are you so worried about... Europe is all fixed up now. Why else is the market skyrocketing towards 5,000?

If tomorrow is anything like today, you'll have easy pickings. Do you really want to miss out on all the bargains?
 
Chasero said:
A lot of the charts are saying that since we broke the 4,000 level, shares are most likely to rally upwards to 4,200-4,300 again.

I still think it's too risky to even attempt to trade and hold overnight with shares such as LYC, even though i THINK it'll rally more tomorrow. (Maybe even to the end of this week!?)

I tend to be more realistic. Bear markets have huge swings and I'm not going to be caught on the wrong side of one. I'm not that much of a risk taker :)
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Care to post some of your charting analysis? Or do you mean some other peoples analysis that you have read which includes charts, says rallies are likely?
 
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