Day trading pre-market open August 6, page-29

Rinse and repeat, ad infinitum. A market "crisis" develops every 5 - 10 years when a bubble bursts. This time the bubble was the "carry trade" buying cheap Japanese yen and investing it in higher yield market ( mostly USA market). Add a bit of fuel on the fire with US economic news. The former will sort itself out by the overstretched going down the gurgler and zest for carry trade will abate going forward. Thats a good thing. The latter will get fixed by reduced USA interest rates, obviously near term this will happen. All in all a sharp nasty little downside blip but nothing catastrophic. Needless to say the ASX will recover more slowly than other markets...... always the case.