Australian (ASX) Stock Market Forum

The official "ASX is tanking!" panic thread

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Starcraftmazter said:
Man oh man - what a week to be away for! I'm a bit overwhelmed by the good cheap stocks to buy.

Is anyone else thinking that the potential for another recession means oil and gas are now a bad bet?

Apart from that, does anyone give weight to the theory that last week was a result of some sort of leakage/corruption between S&P and hedge-funds who got wind of the US downgrade before it happened?

Could the downgrade possibly be priced in, or will the market dive again on open tomorrow?
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We shall see.

Define "cheap".
 
cynic said:
Phew! That's a relief! It sounds like everything is going to be A OK then! We know we can rely on those American Banks to know which way things are headed, can't we?

After all those banks proved their superior financial/economic mettle when they wrote up all those wonderfully sustainable loans (sub prime etc.) during the past couple of decades. So we can definitely count on them to know what the future holds, right?!
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If ever sarcasm was going to be totally justified, it's in this post. Completely agree, and ditto anything from the ratings agencies.
 
It seems noone is willing to make any predictions...

I have a feeling that its going to crash further.

But there is a rally in sight. Just a matter of when.

I might wait for this rally, and then sell off some of my more sensetive shares..

Hmmmm, this is a time for some smart trading. Shame I'm not yet a smart trader.

Need a mentor haha
 
alexc2005 said:
It seems noone is willing to make any predictions...

I have a feeling that its going to crash further.

But there is a rally in sight. Just a matter of when.

I might wait for this rally, and then sell off some of my more sensetive shares..

Hmmmm, this is a time for some smart trading. Shame I'm not yet a smart trader.

Need a mentor haha
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Gee whiz matey I am holding thousands in losses at the moment which I will have to take today but I asked myself this question. Would I buy any more stocks in the now. Simply, I will not. Went through the last market correction and am gonna watch from the sidelines this time.

I notice there are people going in to buy the open of the big caps this morning.
 
Yeah what a rout. More than I anticipated but on the right side for once. :)
 
wayneL said:
Define "cheap".
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Cheaper than before the falls perhaps? It could well be said that the profits of some companies will be unaffected by the recent dramas and even a potential recession, yet they were still downsold.

alexc2005 said:
But there is a rally in sight. Just a matter of when.
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QE3?

The next few weeks could well be extremely eventful depending how the situation unfolds in Europe. We could even see a breakup of the EMU!

It may well be a good idea to hold onto cash until they figure out what they are going to do with all their debt (at least in the short-term), that's my prediction :cautious:
 
Wysiwyg said:
Gee whiz matey I am holding thousands in losses at the moment which I will have to take today but I asked myself this question. Would I buy any more stocks in the now. Simply, I will not. Went through the last market correction and am gonna watch from the sidelines this time.

I notice there are people going in to buy the open of the big caps this morning.
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Yeah, I started my portfolio in about april, So sadly i have thousands in losses at the moment. BUT, haven't taken any profits yet.

EDIT: sorry that wasn't very clear. I meant that i havent completed any trades and therefore am purely experiencing losses, not simply cancelling of previous profits.

So you are going to sell off today and take your losses then?

I'm still undecided. Might wait till closer to open and see what the preopens are doing.
 
Israel stock market circuit breakers suspended all trading on open, then crashed 6% at the close yesterday after the downgrade. http://www.bloomberg.com/news/2011-...january-lead-gulf-drop-on-u-s-rating-cut.html

Most other ME markets (apart from Saudi Arabia's which mysteriously climbed a little) also dived 2-5%.

Aww, just a blip?

:cool:

PS - Damn NZX must be getting hammered by millions of curious minds.... hardly responding for me ATM...

finally - NZX 10 is DOWN 3% atm (10.30am NZ time).
 
Israel stock market circuit breakers suspended all trading on open, then crashed 6% at the close yesterday after the downgrade. http://www.bloomberg.com/news/2011-...january-lead-gulf-drop-on-u-s-rating-cut.html

Most other ME markets (apart from Saudi Arabia's which mysteriously climbed a little) also dived 2-5%.

Aww, just a blip?

:cool:

PS - Damn NZX must be getting hammered by millions of curious minds.... hardly responding for me ATM...

finally - NZX 10 is DOWN 3% atm (10.30am NZ time).

PPS - Westpac NZ DOWN 4.5% at 10.40am NZ time
 
Wysiwyg said:
Yes, aiming for my index shorts to cover the stock losses.
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Hmm, looking at opens at the moment.

Alot of mine will open in the red, but not hugely.

Some have no open pricing just yet.

Fuuuuuck this is hard.

Ride the wave or bail out. hmmm
 
alexc2005 said:
Hmm, looking at opens at the moment.

Alot of mine will open in the red, but not hugely.

Some have no open pricing just yet.

Fuuuuuck this is hard.

Ride the wave or bail out. hmmm
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Careful. ASX might suffer v.slow performance in opening hour due to massive Net traffic (as has NZX this morning). Could be tricky for insta-trading!

Just saw NZX All heading towards -3.5%

Good luck...
 
Aussiejeff said:
Careful. ASX might suffer v.slow performance in opening hour due to massive Net traffic (as has NZX this morning). Could be tricky for insta-trading!

Just saw NZX All heading towards -3.5%

Good luck...
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Do you mean be careful as in, my sells might not get executed? or?

I may just hold on and top up on my favorites.. ANZ will undoubtedly go back up and AUT is solid.

Just a matter of sell now and by back in lower, or just wait.

So hard for me to take a loss, stupid mentality for the sharemarket though.
 
Unfortunately, the markets don't seem to care that I'm holidays.

1:15am Monday morning in Paris and I'm sitting waiting for the bell.

The Champagne I had for dinner should make this roller coaster all the more interesting...

-Liar-
 
The indicative price on STW (ASX 200 ETF) is showing an opening of 1.8% down.

If you can't reach the seat in front of you, put your head on your knees and hold your feet firmly on the floor to keep them from moving forward...
 
alexc2005 said:
Do you mean be careful as in, my sells might not get executed? or?

I may just hold on and top up on my favorites.. ANZ will undoubtedly go back up and AUT is solid.

Just a matter of sell now and by back in lower, or just wait.

So hard for me to take a loss, stupid mentality for the sharemarket though.
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The NZX's website struggled to cope with demand as market watchers worldwide looked to New Zealand's sharemarket - the first to open this week.

The site was unavailable at times this morning, leaving market watchers in the dark about share prices in one of the most anticipated trading days of the year.

NZX spokeswoman Rowan Macrae said the issue was one of capacity.

"The sheer volume of data requests being put through has slowed things down,'' she said.

"It's absolutely capacity. It's huge this morning.''
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http://www.stuff.co.nz/business/world/5404910/NZ-market-tumbles-in-wake-of-US-credit-downgrade
 
A noob question: is it possible to short the ASX at 10.01am to catch part of the fall, or is 10.01 too late as there would be a back log of stop sells to process.
 
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