Was today was the definitive proof that the ASX is in a full bear market? A 3% plunge from the open with a positive (yet volatile) lead from the US and China closed. Banks and resources are already there and many retail stocks entered there today after outperforming for the entire year. The charts on retailers show they have fallen off a cliff in just the past 5 days and down 20% from highs. Telstra is also shot after being a leader all year.
From now on you would expect any bounce will be an opportunity to sell. Today proved that. Sellers are not waiting for the fall below 4800 to officially call a bear market.
As I am still in the market I hope we don't fall much further but today was crushing for overall sentiment. I will now just focus on companies that benefit from a low $AUD and have earnings in US dollars.
The economy could sure do with having a car industry now. The dollar is fully supportive. Every successful economy has a car industry, not necessarily because of big profits, but because of every industry that works with it. Australia is a now a manufacturing basket case and successive governments for decades have done nothing to support manufacturing. It is tragic. The loss of the car industry just as our mining boom ended could be the final tipping point for a recession.
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