I am guarded about the next few days. I think many in the US are considering this to be either the "technical correction they had to have" and will not be buying until it has fallen 10% or more, to about 12,600, and others see this as a bearish trend and won't buy regardless. Given that this seems to encompass the majority view as I gather it from looking at US trading sites and news reports, this will become self-fulfilling.
There is little doubt the ASX will take a hammering on monday - like sheep we are with our American shepherd, who occasionally does the kiwi thing and F#^%s us right up.
I expect to see either a flat/slightly down on the DOW monday or even bigger falls than the last two days - what governs this will be early sentiment and economic news. I read the US sentiment as very bad at the moment, and any bad report - even from a smallish sector could trigger a stampede for the door. This is not all bad - lots of sound stocks will be very oversold and give excellent value.
I think it is safe to buy solid near-term producer midcap stocks or blue chips that have already been very oversold. BHP presents good value ($40 within two weeks). Oversold solid near term producers include AGS and MMX.
TRF and CFE also look to be relatively good value though higher risk if this turns into a real correction.
I almost forgot GDN - will be a fair buy when it hits 0.1c some time on Tuesday.
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$64.33 |
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Mkt cap ! $12.52B |
Open | High | Low | Value | Volume |
$64.71 | $64.80 | $64.29 | $2.419M | 37.46K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
8 | 93 | $64.31 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$64.33 | 84 | 6 |
View Market Depth
No. | Vol. | Price($) |
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8 | 93 | 64.310 |
4 | 71 | 64.300 |
12 | 142 | 64.290 |
1 | 14 | 64.280 |
2 | 57 | 64.270 |
Price($) | Vol. | No. |
---|---|---|
64.330 | 84 | 6 |
64.340 | 32 | 3 |
64.350 | 10 | 1 |
64.360 | 129 | 5 |
64.370 | 41 | 1 |
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