now seeing total panic selling

Now the XAO is getting ridiculous, and this is pure irrational panic selling. There is absolutely NO reason that our market should have even gone down at all today.

The Dow was sitting in the green for most of the night, on some good fundamental reports released to the NYSE. Then a single junk mortgage fund announced that they may go belly up, and the whole market reverses and plunges into the red bigtime.

Meanwhile, the FTSE was 150 points up into the green - one of the biggest rises seen in a long time.

Our market is only marginally affected directly by the "sub-prime" (i.e. junk) mortgage thing, and our economy is strong, and the resources sector remains as strong as ever.

Yet the lemmings insist on selling everything down - talk about throwing babies out with the bathwater!

For those with the cash, patience, and nerve, the next few days could be a magnificent time to be buying all those stocks you thought had got away from you, for much lower prices. The fundamentals will win at the end of the day (and that's speaking as someone who is basically a chartie) and there are big profits to be made.

Who was it who said - buy when everyone else is selling, and sell when everyone else is buying....?