Thanks afternoon crew.
Let's hear it for the ASX: seven-week losing streak for the first time since the GFC. Boy, does that January rally seem a long time ago.
There was a little buying interest today. The ASX 200 cut its loss for the session from 45 points to 13 points or 0.19%. I guess we could take heart from the fact the index finished well clear of Monday's four-month low. It sure feels like a correction, even if the retrace has not quite reached 10%. The index closed today about 8% below this year's top.
This run may seem worse to traders because the XEC (spec index) is down 11.5% and the Small Ords 10.5%. In other words, the small end is in a correction.
Well done to those who hit their targets this week. I certainly didn't. I'll drown my sorrows with some house guests this evening. They're Scottish, which can only mean one thing: sair heids tomorrow. Slainte.
