Looks like the banks run finally came to a screaming halt today. I think we'll see a retest of 3500 in the next few days, will be interesting to see if there is any sort of support there.
Chart marked up with some possiblities.
I'm probably favouring #2 at this stage, a pullback just far enough to shake out some sellers then up towards 4300, but the market will do what it wants.
...
3700-3750 looks important here. There should be some decent consolidation soon you'd expect, and about here for mine. If not here, then
Wall St going 'back to reality' as recession strikes
By North America correspondent Michael Rowland for AM
Posted 5 hours 45 minutes ago
Updated 5 hours 38 minutes ago
Confidence on Wall Street has taken a battering after catastrophic losses.
Wall St woes continue (AM) Related Story: US stocks up despite disappointing data Wall Street's six-week winning streak may be over as the United States braces itself for the worst global recession since World War II.
Of course it hasn't really hit in Australia except for a few job losses and forward bookings lost, but it will. We all know this. Cripes, even the taxi drivers know this now.Here's the truth, the recession hasn't really hit yet but is about to so fasten your seat belts.
What the article is saying is that the US hasn't been hit by the full force of the downturn yet, so as bad as it is there now it will get a lot worse and we follow them so it's not looking good.
You know the share market better then I but I still think there is a huge crunch yet to come.
Yes, but Burns - we all have access to this article, we all have access to most of the information out there; that's the whole point, and reason that markets are forward thinking.
Here's an example of what happens with markets on a whole, ahem. Company XYZ mines copper, copper all of a sudden falls drastically; thus people sell on this information, with the expectation of further falls, and for company profits to be down 50%.
Reporting day comes, profits are only down 30%, a positive surprise - hence why "less bad" news, is good news, because the price had reflected more dire results!
Why do you think share prices are down 50%? People don't sell on the on-the-day implications of yesterdays bad news, they sell on what they perceive to be the future impact of that news.
It seems to have fallen off a cliff around 1.30pm today. Anyone know what that is all about?
i'm too young to be wise
Cripes, even the taxi drivers know this now.
Thus, the markets have counted this in.
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