""its all about making money. who cares what way it is up or down, go with it. and dont complain. the markets always right."
Nope - don't agree at all. Firstly, while it is the conventional wisdom that "the market is always right" - it clearly ISN'T at the moment. It is irrational, and panic driven. Companies are being manipulated WAY outside their range of true value, particularly by shorters.
The problem is - some of us CAN'T "go with it" as you say. For those of us investing or trading through our super funds, we can't short-sell. There is a provision for a limited use of CFDs (mainly the ASX mini CFDs) in a super fund, but full-on short selling is not allowed.
Your attitude is, unfortunately, fairly typical of the Wall St "Greed Is Good" attitude. The rampant short-selling is making victims of those who CAN'T short sell. That's one of the ways in which the short-sellers succeed - they create panic and fear and cause otherwise rational people to sell out in a panic because the price is relentlessly dropping. Not to mention raiding all the auto-stoplosses.
PDN is another one that has been targeted heavily today - shorted since about mid-day. The bargain hunters - usually the same funds who have been shorting - will be moving in on LGL and PDN any time now."
Solution: sell your holdings, cut your losses, re enter when you actually see a turnaround.
open a cfd account or stock account that lets you short. dont play with your super fund to the downside, i never said that, but if you can trade on a personal basis, then you can ride the downside.
like the saying goes, bulls take the stairs up, bears take the lift down.
also if the markets not always right, i guess that builds to the statistics as to why so many people burn there accounts, they try fight it, and the market eat them alive, they cant face reality.
The trend is your friend. dont fight it.
LGL Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
