Bout quite a few stocks today...many of which turned inra-day on key triggers.
The market was certainly down...and may fall further, but all the stocks I bought were showing significant reversal signals.
We might get a surprise with our markets tomorrow.
The US funds are clearly putting pressure on the fed to improve their lot...the recent liquidity injection is prize one...a bigger intrest rate drop will be the next.
When they get it...or at east when the word is out they will get it...the market will recover.
Could be any night...as to achieve "shock factor" an early call would hold greater impact.
It is likely to be when things look their wrost!
I converted all my super into shares today (100% AUD shares - unhedged)...it has been in cash since December.
Whils the US is clearly weak and likely already in recession (the news of which will actually remove doubt and strangely enough return confidence), our market on the other hand will come to its senses sooner or later...PE are low, commodity prices are rising and our new key trading partner more than offsets falls elsewhere on our books...the only real issue is/was credit, which the US fed has recently addressed.
Time to buy...getting it within a day or two does not matter to me, as the alternative is to buy on the next big US rally...and miss a 200 point gap as we got yesterday anyway.
Close enough for me with a longer term view.
Cheers!
CVI Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
