Australian (ASX) Stock Market Forum

The official "ASX is tanking!" panic thread

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MQG is a good one to whatch for me when assessing general sentiment of ASX.
Very intesting that it is showing a bit of strength compaired to how it has been trading in the last couple of months!
This is obviously an extremely short term assesment and Monday morning is often strong due to buyers coming in at the start of a new week after a week of major falls.
Interesting to see what it does this afternoon!
I'm nibbling at things.
 
Yeah, i guess what i should be doing is riding the current volatility.

But to be honest, i don't have the time to devote to multiple day trades, AND i don't have the confidence or the know how to be sure about my picks.
 
alexc2005 said:
Yeah, i guess what i should be doing is riding the current volatility.

But to be honest, i don't have the time to devote to multiple day trades, AND i don't have the confidence or the know how to be sure about my picks.
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You sound like me. I don't think I'll ever be a sucessful day trader. And when the market is like this, I don't think I'll be giving it a go again either...
 
RexBudman said:
You sound like me. I don't think I'll ever be a sucessful day trader. And when the market is like this, I don't think I'll be giving it a go again either...
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i had ever intention of getting into day trading as of a month ago.

I even picked out a few to keep an eye on and tested my thoughts with mental buys.

The ones i picked went up greatly in short periods.

But my trigger finger is whats holding me back.

No balls haha
 
Very interesting market atm, Todays low at 4015 equates to a 20% fall from the high on the 15/04 5025.

With a bear market roughly defined as a 20% fall over 2 months or more, Are we in a bear market?

Interesting to hear peoples thoughts:confused:?
 
Well, the last of my sells closed out on open. I had a few losses and could have had some better profits on ones I should have sold earlier (Jan/Feb - :banghead:) - i'll keep my gold parcel with stop/loss for the time being.

At least I can sleep easy knowing 90% of my capital is preserved.

Good luck all and good night from Paris.

:)

-Liar-
 
Pulled out of Gold market pending announcment from RFE in regards to drilling operations. Guess you gotta spend money to make money, but this will have to be held for quite some time. Bye bye day trading oppertunities! I never would have picked them anyway..
 
Today is looking really good so far, made up quite a bit I lost on Friday; though I expect there'll be a bit of pullback by the end of the day.

Wondering if today is a good day to sell out of a lot of things, obviously the US credit downgrade hasn't affected us today too badly, but what are the chances the US will drop significantly Monday and drag us back down on Tuesday?
 
ChrisJH said:
Today is looking really good so far, made up quite a bit I lost on Friday; though I expect there'll be a bit of pullback by the end of the day.

Wondering if today is a good day to sell out of a lot of things, obviously the US credit downgrade hasn't affected us today too badly, but what are the chances the US will drop significantly Monday and drag us back down on Tuesday?
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Glad to see you made something back. CNA made a huge increase today as opposed to the $95 close Friday, up to a $117 as of 12pm Monday 8th - wish I got in on that...
 
nomore4s said:
Yeah pretty good rally so far, depending on Asia, I would think we will close on our highs today, took a few trades just after open today in some top 20 stocks.
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Asia not looking good, Hong Kong is deep in the red and making new lows atm. Out of all trades now, made some pocket change only, but having a very good day on the HK futures.
 
nomore4s said:
Asia not looking good, Hong Kong is deep in the red and making new lows atm. Out of all trades now, made some pocket change only, but having a very good day on the HK futures.
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Wish I knew more about futures so I could jump on the bandwagon... Time for a WIKI!!!!
 
This is what I remember from GFC 1.

Market slides every day. Until someone put a bandaid on something.

- Some Korea bank wants to buy Lehman.... sucker rally.
- G20 coordinated rescue.... sucker rally.
- TARP... sucker rally.

The path this time may be similar. And some of the upcoming short term events are...

- RBA meeting tomorrow... they might say something about cutting rates?
- Fed meeting Tuesday US... bring out QE3?
- G20 emergency meeting... some other massive bandaid?

You'd think the market is not so stupid that they would rally on QE3, but the market IS pretty stupid at the best of times imo. The question is whether QE3 is going to be effective in pushing up asset prices this time. I read a good analogy somewhere.. that QE is like taking steroids - each time the high becomes lower and the duration becomes shorter, and you need higher and higer dose to get the same effect...
 
QE is like taking steroids - each time the high becomes lower and the duration becomes shorter, and you need higher and higer dose to get the same effect...
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I think you mean heroine!
Bring on Euroland, with it's printing machine! Psssst don't forget China created the impossisble currency competition
 
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