The funny thing is, when I wrote about 3 weeks ago that BHP would be $35 in the near future, I was received with exactly the same laughter, lots of sarcastic "LOLs" and lots of people telling me to wake up and smell China.
Well, what you need to understand, is that CHINA DOESN'T MATTER right now. China dropped 20% over a month when the rates for trades were increased in June - the markets here didn't even take any notice. When the US fell 2%, we fell rapidly. Why? Because even though you will all shout - LOOK TO CHINA, our equities market (which is not a reflection of the underlying world economy) will just follow the US. And whether you like it or not, the indices are ruled by technical factors, beyond the control of fundamentals.
As for the XAO revisiting lower than 5000 - that is more of a possibility in the next 6 months than reaching 7000. So I wouldn't laugh too soon.
Keep buying if you like. It will just make it all the more funny when you stop posting on here because you had to sell your computer.
ASX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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