I am guarded about the next few days. I think many in the US are considering this to be either the "technical correction they had to have" and will not be buying until it has fallen 10% or more, to about 12,600, and others see this as a bearish trend and won't buy regardless. Given that this seems to encompass the majority view as I gather it from looking at US trading sites and news reports, this will become self-fulfilling.
There is little doubt the ASX will take a hammering on monday - like sheep we are with our American shepherd, who occasionally does the kiwi thing and F#^%s us right up.
I expect to see either a flat/slightly down on the DOW monday or even bigger falls than the last two days - what governs this will be early sentiment and economic news. I read the US sentiment as very bad at the moment, and any bad report - even from a smallish sector could trigger a stampede for the door. This is not all bad - lots of sound stocks will be very oversold and give excellent value.
I think it is safe to buy solid near-term producer midcap stocks or blue chips that have already been very oversold. BHP presents good value ($40 within two weeks). Oversold solid near term producers include AGS and MMX.
TRF and CFE also look to be relatively good value though higher risk if this turns into a real correction.
I almost forgot GDN - will be a fair buy when it hits 0.1c some time on Tuesday.
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Last
$64.62 |
Change
0.120(0.19%) |
Mkt cap ! $12.50B |
Open | High | Low | Value | Volume |
$64.71 | $64.80 | $64.41 | $703.7K | 10.88K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 25 | $64.61 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$64.66 | 212 | 5 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 3 | 64.500 |
5 | 90 | 64.450 |
2 | 13 | 64.420 |
1 | 15 | 64.410 |
1 | 8 | 64.400 |
Price($) | Vol. | No. |
---|---|---|
64.550 | 74 | 5 |
64.560 | 14 | 1 |
64.570 | 33 | 1 |
64.590 | 58 | 2 |
64.600 | 33 | 1 |
Last trade - 10.17am 13/09/2024 (20 minute delay) ? |
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