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The official "ASX is tanking!" panic thread

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LostMyShirt said:
I was thinking the same thing earlier but came to an awkward question; they gave a **** for the US credit rating and the market responded, but now the EU disregards the downgrade of their majour banks.
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I believe at the time the market was falling on EU problems, unrelated to the US.
 
Logique said:
ASX is tanking? Not today it won't.
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I thought we would have a down day yesterday. Then after we closed green I thought today may be down.... but no Mr Market keeps going.

We need to have a couple of small down days to consolidate, before pushing higher IMO if this short term move up is going to last.
 

Two different situations. In one, you have a government downgraded - one which held onto its AAA for many years and had the reputation of a 'safe haven'. As many institutions must hold a portion of investments as AAA this would have forced sell offs and added to the gloom.

With the downgrade of the banks, everyone knew those banks were exposed and that their balance sheets weren't clean - it was only a matter of time. The ratings agencies shut the door after the horses had bolted. It might have some impact on local stocks, but minimal on the global stage.
 

Oh I see - I've generalized the entire situation I suppose.

Thanks for that.

On a side note - up day on the ASX tomorrow is the DOW holds up. Rare sight to see the DAX almost at 6K
 
bank of queensland announced a 14% drop in full year net profit as their bad debt doubles. and so it begins?
 
jonp said:
COZ seems to be the best option...
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Maybe if it ever starts turning a profit and stops leaking cash, it's bleeding $13,000 a day.

To me it reeks of a fly by night type company, that will jump on any industry it sees as sexy. it's been listed since 1990, what was it doing before it jumped on the co2 band wagon.
 

I would say that CCF is a better choice.

Currently doing pretty well out of it. Lots of new contracts to come.

Haven't looked into it as of yet, was just on the bull newsletter this morning.
 
Amazing how China's surplus shrinks as soon as there is strong debate about them cheating!! It just goes way up again as soon as things have quietened down.

"Chinese copper inventories stood at 1.9 million tons at the end of 2010, more than the US consumes in a year, according to estimates by the state-backed China Non-Ferrous Metals Industry Association. The estimate is significantly higher than the 1.0-1.5 million tons range that foreign executives have assumed in the past."

Blatant attempt at keeping copper prices down so they can make some big purchases again!! before the markets hot up again.
 
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