AGE (ASX) AGE Daily Report

Originally posted by dc1234: ↑

Are we staring at 2008 style crash?
.Yes AGE lost 3 pips to finish at 3c. Our volume today was comparatively quite high, just over 29m shares traded. Another 52 week low today. Yesterday I had written that this trading range is from 3 to 3.8. Today it played that lower number and finished at it. Lets hope that's it and markets behave.
.
ASX U stocks were quite weak today. Of the 28 stocks that I track, average loss was around 3%. A lot of U stocks made their 52 week lows today. This is the lowest point for many stocks and ASX U stocks. The question is - Is that it or can it go lower?
.
Overnight US U stocks were very weak - average loss around 4%. U Future lost another 25c to finish on $50.05.
.
What next:
.
Yesterday the PPI data was supposed to drive the market. But I had also written yesterday - But the markets are so fragile and volatile that any one one news can make it drop suddenly. And we got that news with Credit Suisse. rest we all know. PPI data came in good so it tempered the fall a bit. If PPI had not come in good, indices would have fallen between 4 to 5%. SP 500 finished at 3891, down 0.7%. It lost the key level of 3900. ASX had a bigger fall around 1.5%.
.
So what is happening or going to happen? There are always two sides of opinion but the majority view is not good. Many are finding a very strong co-relation with 2008. Initially it was the charts which were going similar - we did a slight divergence recently but still very close. Now a strong co-relation is also being found in how the banks are collapsing. So very ominous signs. Those who have reading my posts, nearly every day I have been saying that there are some strong bears who have been calling for a drop to around 3250 for last 8 months or so. Something whose probability has increased.
.
But not everyone is gloomy. At this stage the charts are showing a lot of divergence and are showing signs of a short term bounce. SP 500 is below 200 day moving average but Nasdaq is above. Some feel SP 500 will cross 200 dma and move towards 50 dma and may have a play around 4000 soon.
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The second thing which has happened is that Michael Burry, the Big Short, the most gloomy person, is saying that this banking crisis will get resolved quickly with the help of the regulators. He has gone ahead to say that the markets may be bottoming here if not already bottomed. This is comparing with a similar situation with 1907 crisis. So some hope there - but every one has views and only few will be right, but at least gives some hope.
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Lead Indicators - VIX jumped more than 20% yesterday intra-day before settling at around 10% gain. Yields though had a big drop on the back of good PPI data. Dollar Index too fell. So all mixed signals.
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Personally I picked a few today not much. Sentiment is still Extreme Fear and Economic Condition shaky. Bought on Technicals only due to divergences. Will exit if we do not get a bounce. Overall its still time to be defensive hence playing small.
.
So what will happen tonight? US Futures slight green. Asian markets largely red. Bitcoin confused - stuck at mid 24k. Some more economic data but don't think it will have much affect. Another news could have more devastating affect. Next major number is coming Wednesday - Fed Rate Rise decision. I feel if there is no major bad news, we could see a bounce from here - maybe after some consolidation. Will that happen? Lets hope so. All the best.

Expand

How low can this go DC? might put the house on it lol

No.	Vol.	Price($)
2	91951	6.1¢

No.

Vol.

Price($)

91951

6.1¢

Price($)	Vol.	No.
6.2¢	739322	6

Price($)

Vol.

No.

6.2¢

739322

No.	Vol.	Price($)
2	39366	0.062
1	100000	0.061
23	1779306	0.060
8	637337	0.059
16	1319084	0.058

No.

Vol.

Price($)

39366

0.062

100000

0.061

1779306

0.060

637337

0.059

1319084

0.058

Price($)	Vol.	No.
0.061	93109	2
0.062	689302	7
0.063	1112564	4
0.064	1889622	8
0.065	2334267	8

Price($)

Vol.

No.

0.061

93109

0.062

689302

0.063

1112564

0.064

1889622

0.065

2334267

(20min delay)
Last 6.2¢		Change 0.000(0.00%)		Mkt cap ! $239.8M

Open	High	Low	Value	Volume
6.2¢	6.2¢	6.0¢	$281.6K	4.599M


Last 6.1¢		Change 0.000 ( 0.00 %)
Open	High	Low	Volume
6.0¢	6.2¢	6.0¢	3028986
Last updated 15.59pm 14/05/2024 ?

AGE Daily Report, page-171

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