Firstly from our star billing of the day - Johnaus.
'It's technically still just your garden variety correction, nothing out of the historic norm, at least for US. In the US the median correction of >10% has been 18% and has happened 15 times in the last 35 years, we are still within that range. On a positive note the AUD is down 10%, thats essentially dropping our index value another 10% and while the price of copper is off 60c its barely moved in AUD terms, if we can get another 20c off to 80c/1USD then all of a sudden the thing that has been working against us starts working for us.' Johnaus
'Market version of a forest fire..growth will happen once the fire has been exhausted.' Hotfire
'Cabbies are muttering about div yields on Westpac.' Bluesdog (ahem, blush)
'I think our markets having a breather... Just when u think its safe to get back in the water...BANG lights out..'Martis
'A Harvey of a shakeout' Mitta
'One day is not a bounce but maybe a start..fingers crossed' HasPete.
'Bear market rallies are violent and unforgiving but they are still bear markets. If you don't know what you are doing, stay in cash.' Rhodes2riches
Hastily said, without much forethought - but plenty of gold there from the forum followers. We'd be less of a whole if any one of us were missing. I love the mix we have here.
Back to Tuesday's recant.
I hope we are all here. No one chosen decapitation 'by sash window' I hope.
Yesterday was fun! About smoko time, 11-30am, I thought I'll just put my feet up and see how my full house of RIO and BHP are going....
Jesussss - 3% down and heading south in a red waterfall!!!
Looked at the portfolio to work out how many years to add before retirement. $150k down!
Stress, nervous twitch in my only good eye, heart palpatations. Good, they'll pick this up on the heart monitor to see if my hearts fatally dodgy or just being annoying.
Honeydew's on the line saying 'Why didn't you tell me to sell yesterday...and don't give me that crap about Westpac dividends.'
There goes my first line of defence.
I thought at that point NOT to give her my normal pepp talk about fundamentals and how I would be buying now if I could. That Redbacka says it's extremely extremely EXTREMELY oversold. Voltaire reckons the low for the month is most likely in, maybe, could be.
I wouldn't dare mention that Caylus is gleefully shorting amongst the - still bleeding out - carcuses of new retirees or that Martis the bear is warning of a calamatas plunge over Niagra.
No Trendsetters, I have a client to see in 2 minutes, my heart is missing every three beats out of four but makes up for it on the fifth with 4 more quick ones in between. I have a tall leggy blonde who was going to take me to Paris on her profits from my invaluable advice on the stock market...but now will look down her nose at me and realise the truth - I'm an imbocile in the stock market.
I came close to pushing that sell button XJO'ers - maybe a mistake. What the hell do I do.
I drew on all my lifes experience and this was all I could come up with, 'Hang in there Doll, the GFC low's not that far away, gotta go..kiss kiss!'
(20min delay)