Should also mention that I've picked up a bunch of shares not to trade and don't really care what happens in the next few weeks. Picked them all up mid-caps and blues with rock-solid PE ratios between 2 and 8 and ramping up production in the near future (all producing energy stocks developing ever-increasing reserves). When this settles down in the next year or two they will be worth 3-5 times what I paid for them.
Long-term view is required from here. Nobody knows if this will be the bottom - but the US majors have undertaken such a savage write-down of all their subprime losses that there shouldn't be any massive surprise like last week. If this isn't the bottom it is darned close.
IMO the profits of doom are sitting in cash and think their negative comments will actually make the market go down so they can buy more (get real!). When the bounce comes it will be a massive rush to get in and cash holders are likely to be stung with higher prices than today.
US has full employment and increasing wages - even if consumer spending slips a bit it won't take long to pick up again given the increasing cash in peoples pockets.
ASX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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