Fall on the DOW was bought about by the management of Caterpillar seeking to excuse their poor performance in the midst of a worldwide boom in the heavy equipment sector bought about by the mining boom. They took advantage of a nervous day in the US to try to crash the market to make Caterpillars fall post profit ann/forecast look less bad.
The market has brushed off much worse news than this over the past month - it just happened to be October 19th!
I agree there may be weakness like there always is after a stellar run like the past month. I just don't see a 10% drop and predict the levels we have now will be about where the year finishes (ie few gains between now and the end of the year - only two months anyway!).
I'm not selling - may buy some blues if there is a fire sale.
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Last
8,570.4 |
Change
-9.700(0.11%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,580.1 | 8,593.6 | 8,558.3 |
| XJO (ASX) Chart |