Good post Macca. I remember watching an interview back in Decemeber on Lateline Business with the head of one of Australia's largest superfund. They had gome to mostly cash & were sitting waiting.
"When will you start buying?" asked the interviewer.
"Not yet" came his reply
"Can you give us some idea ... early new year?"
"No" he replied, "we see a period of major uncertainly in the early new year as world markets come to terms with the economic fallout"
"Can you define 'early new year' - will you be begin buying in March then"
"Well. we see the the mist clearing around then, and envisage entering the markets again sometime after the first quarter"
So the way I see it, the major buyers have been on the sidlines allowing the bears to dictate lower prices. Once the bigger buyers are convinced a bottom is in place, they will begin buying .... carefully at first. Quality a must!
April could be a beauty!
LEI Price at posting:
$19.89 Sentiment: LT Buy Disclosure: Held
