Another day of bashingYes AZL finished 1c down to finish on 9c....

Another day of bashing

Yes AZL finished 1c down to finish on 9c. Our volume was very high, indicative of the massive sell that happened, close to 70m shares traded. Although I did not want to buy now as want to time it with EOFY sell, I couldn't help myself and picked up a fair few at 9c in closing auction - lets see how low it can go - the lower it goes the bigger the bounce - I think so but please dyor as market is weak at this stage.

ASX Li stocks also went for a battering. Of the 19 stocks that I track, average decline was around 4%, but many stocks lost between 7 to 10%.

Overnight US Li stocks did relatively well. The ETF of LIT finished 1.6% ahead. A number of other stocks like ALB, SQM etc also finished in the green. But ASX Li stocks are not buying that. As I showed on the weekend report, average decline in 2 months of ASX Li stocks was around 43% and US Li stocks only 13%. That is the reason. ASX punters are in constant fear and panic and the sp reflects that. The green in US Li shows that Li sector still doing fine if not spectacular - even in these times they are finishing green. One day, don't know when, I feel ASX Li will catch up - till then those who have funds, opportunity to buy, for others to hold tight. Of course one can sell and wait for reversal confirmation.

What next - The stocks have gone into a descending spiral. They have lost the ability to unwind for now. They need a catalyst, but none appears on the horizon. Tonight US market may go into another wild dance based on what is the interest rate rise and tone of Mr Powell. So we need to brace for some more turbulent period. We still have to deal with EOFY sell on the ASX side - which might go late into next week. But there is also a chance of relief rally - but punters are not sure even if we get one, that can be sustained in short term. Most of the US indices have lost around 10% in last 6 trading days. Surely there has to be a green based on probability. But is a very unpredictable night, but lets hope we get a decent green. All the best.