Australian (ASX) Stock Market Forum

The official "ASX is tanking!" panic thread

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VSntchr said:
Are those who were short term bullish last week still feeling the same way??

Looks like a 3rd day of falls coming tomorrow...
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I am very Bullish, I have no idea where the market is going to go shorterm though.

I don't believe in any way shape or form the world is heading for the doom and gloom recession people are worried about, I believe all the problems will be worked through and we will make it over the speed bumps and in 2 years from now they prices companies are trading at will look extremely attractive, and people will be wishing they had been more aggressive during this time.
 
investorpaul said:
Absolutely nothing to worry about IMO

The Greek Parliament needs to pass a vote to allow a Referendum. Last night the socialist part withdrew from Papandreous's coalition reducing his majority to 152 out of 300 seats.

If another one or two candidates leave the party or cross the floor during the vote then the referendum will not happen.

The Papandreous government will be lucky to last a week.
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Tysonboss1 said:
I think the referendum is a bad move, To me it's like asking the kids to vote if they should go to school or not.
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Yes I agree the Referendum is a bad move. The Greeks on the street will vote it down (as in vote no to the bail out) and why Papandreous thinks they will side with the government I have no idea.

Luckily, It looks like his coalition is falling to peices and it wont get up.

I wrote a post on my blog called how to commit political suicide about it earlier today.
 
investorpaul said:
Yes I agree the Referendum is a bad move. The Greeks on the street will vote it down .
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The Greeks on the street are the (minority) problem being averted here.
To spell it out:
The majority of the country knows they have to accept a halving of their debts! Gee that's taugh. Like the bank coming to you and saying, "Oh poor person, having a taugh time paying your morgage interest. OK we'll halve your morgage for you."

It's not a problem it's a joke.
A political hand wash.
Put it back on the people and they can't blame us.
 
notting said:
The Greeks on the street are the (minority) problem being averted here.
To spell it out:
The majority of the country knows they have to accept a halving of their debts! Gee that's taugh. Like the bank coming to you and saying, "Oh poor person, having a taugh time paying your morgage interest. OK we'll halve your morgage for you."

It's not a problem it's a joke.
A political hand wash.
Put it back on the people and they can't blame us.
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I agree, The rational person would accept the deal as it is good for their country, But when you have people voting who are worried themselves or their close family will lose if the deal goes through.

people will be worried about the following,

1, their pension entitlements reduced by the austerity
2, Lose their government jobs
3, have reduced wages
4, have retirement age increased
5, lose government benefits
7, have the government crack down on taxes

etc etc

Plus you always have the rebels who will vote no no matter what.

I think alot of people in their simple minds would rather see a complete default.
 
DOW futures absolutely flying, lets hope we can make it to morning without any (extra) bad news and it could be a good day. :D
 
poverty said:
DOW futures absolutely flying, lets hope we can make it to morning without any (extra) bad news and it could be a good day. :D
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"Yes, that refo...er...whatsit thingy sounds..err.... good for something!

Let's gamble the lot on the outcome!!"

LOL

Go you US futurists.. :)
 
Well I thought the price of bananas was causing everything.

But no, it seems that between them, the combined culprits are: Missterr Abbott, the world's Malthusianally expanding population, and the nation of Greece.

Yes I'm an ABC radio listener, how could you tell?

As for Greece, if they can get a 50% discount on their debt, they can probably get 100%. They're the tail wagging the EU dog atm. Not so silly after all, the drachma's looking pretty good.
 
kavla1970 said:
Well I think the US dollar is going to collapse one day and the Euro might follow.
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The US dollar may collapse.. but against what?
Will the US dollar collapsing mean the AUD goes to $2 USD?

More likely I believe would be the value of the US companies halve, and our currency falls back to sub $0.70USD.
 
Struzball said:
The US dollar may collapse.. but against what?
Will the US dollar collapsing mean the AUD goes to $2 USD?

More likely I believe would be the value of the US companies halve, and our currency falls back to sub $0.70USD.
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I used the word Collapse. Collapse is probably not the right word....reinvented in another form. I bet that's where it's going.
 
Logique said:
As for Greece, if they can get a 50% discount on their debt, they can probably get 100%. They're the tail wagging the EU dog atm. Not so silly after all, the drachma's looking pretty good.
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Italy is the big black dog..........
 
US futures were badly down all day but our market was flat.
US futures in this later hour are now slightly positive.
The market knows!
It stopped me from selling but I didn't buy much, unfortunatly.
 
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