I don't know about everyone else but I couldn't believe the extremely poor presentation of the Bank Bailout Package by treasury secretary Geithner this morning, the market was expecting a detailed wide ranging shift in policy and what it got was an outline of ideas with no definate timetable or costing to the american tax payer, it doesn't surprise after that presentation that the market got spanked. Any momentum that the market was building has been destroyed this morning and it could be a very ugly couple of days.
But saying that in times of fear it always presents excellent buying opportunities.
I am currently holding:
MMX - due to expectation of some positive news at the end of the month from the WA government in regards awarding major infrastructure projects to the company.
BPT- bought early yesterday as a play on the consolidation in the coal seam gas sector, will be watching closely how things play out, there has been significant buying volume over the last couple of day's, maybe some corporate action going on behind the scene's, will sell out on loss of upward momentum.
I'm not entirely sure if today we will see a bounce off the lows as the likelyhood of a multi day drop are high, but I will be on the lookout for any stocks that are heavily oversold, also I will be looking for an entry point on AOE as it wouldn't surprise if this is now a serious takeover target on the back of them missing out on PES to BG.
