XAO Banter Thread

[Logique]

ABC 'Inside Business' this morning was the most optimistic, even bullish, for quite some time.

But never fear, the Radio National collective will be back in the morning, and '..but for how long..' will be back in play. Beastly capitalism.

 

[Struzball]

We must be due for some panic buying.

 

[Wysiwyg]

ABC 'Inside Business' this morning was the most optimistic, even bullish, for quite some time.

Television advertising over last month in Queensland encouraging people to participate in Australia's mining boom. Sniff a market low???????

Premier Anna Bligh is urging Queenslanders to find out about the jobs available in the resources boom and to plug into the training they need to get them.

A series of new advertisements, starting today, will urge Queenslanders to find out more information about the opportunities available to them and point them to courses and skills training to help them get jobs in the industry.

"The Work for Queensland - we need you here ads are specifically design to help Queenslanders grab a piece of the boom in the mining and gas industries," said the Premier.

Oh wait ..... Asian resource demand is declining.

 

[Gringotts Bank]

Long upper wick very suggestive of a short term top today.

 

[Gringotts Bank]

So much for the long wick. Still holding to see what overnight in the US brings. Finger on the sell button. What's eveyone else doin?

 

[tech/a]

Think its getting close to a pull back.
from there we will see if volatility stalls and we see sideways lack luster
price movement.
Im not buying "Bargains" if thats what your after!

 

[sinner]

So much for the long wick. Still holding to see what overnight in the US brings. Finger on the sell button. What's eveyone else doin?

Looking at the Australian sovereign yield curve since June 12...scary.

AUD 3m LIBOR: 4.841%
Australian Govt Bonds Generic 10y: 4.298%

Spot the inversion ....oh wait, it's everywhere!

 

[Struzball]

Think its getting close to a pull back.
from there we will see if volatility stalls and we see sideways lack luster
price movement.
Im not buying "Bargains" if thats what your after!

I think we're past the bargain buying, next step I believe will be panic buying, followed by panic selling, Either way, the upside gains won't be worth the downside risk.

 

[tech/a]

I think we're past the bargain buying, next step I believe will be panic buying, followed by panic selling, Either way, the upside gains won't be worth the downside risk.

So you would you have suggested buying ----- when?

 

[Struzball]

So you would you have suggested buying ----- when?

A bit of a strange question. I don't think I have suggested buying lately, unless you want to profit from the counter-tred rally's, and if you do I'd suggest buy the dips and sell the highs, but then that's a bit useless in retrospect.

I don't think that strategy will work too well from here on though.

 

[tech/a]

So you would you have suggested buying ----- when?

I'll re phrase the question
Your suggestion is we are" past the bargain buying"
Just wondering where that was if we are past It?

 

[Struzball]

I'll re phrase the question
Your suggestion is we are" past the bargain buying"
Just wondering where that was if we are past It?

Oh, the bargain buying stage is the falling knife stage.
i.e. whenever there is an up day in a solid down trend the media puts this down to "bargain hunters" buying up "bargains".

True bargains - value wise, IMO haven't presented yet.

edit: Some good panic buying in EU and US last night.

 

[Gringotts Bank]

A little more upside on the cards yet. Moderate sized bounce on Wall St tonight.

 

[Gringotts Bank]

I'm guessing that's all there is to this run. Trading specs at the moment is like trying to get blood out of a stone. Hating it.

 

[Logique]

Yes blood from a stone, a good description for the whole market atm GB.
CDNX:SPX is closing in on 1.2, not much sign of turnaround on weekly.

 

[howmanyru]

Does anyone see the rally of the past few days as a major turning point for the XAO? I don't and am not buying into it. The fundamental reasons why the market is falling still exist & I see this as a blip on the way down - think we have a way to go yet before we see the bottom. It may get pumped up for a while on goobledook talk from the pollies & bankers, but that wont change the economic realities we live in today.

 

[Gringotts Bank]

Well done logique, I wasn't expecting this today. If XAO can cross 4340, it's almost back to a bull market conditions. Still bound within a down sloping channel at present. Getting interesting.

 

[Gringotts Bank]

A lot of continuation type patterns in the spec end.

NST ABU BRU PIR VBA SXY AZH etc. are showing very tight convergence of multiple MA's. That's bullish.

 

[Logique]

In that regard the $CDNX is looking more encouraging GB. The attached chart is on weekly data, look at that MACD cross. Would like the Bollie Bands to be narrower, but am seeing that in several individual Australian stocks with the whiff of accumulation about them.

Early days, time will tell.

 

[RazzaDazzla]

Hope this rally off the lows can hang in there for this afternoon and continue for a few days. How's the volume look so far? I don't have the ability to see volume with IB on indices.