re: some reason??? I agree..........people have worked their way...

re: some reason??? I agree..........people have worked their way into two distinct camps on Hot Copper........both bulls and bears obsessively trying to prove themselves right.

I've already made my points that the Aussie market (and maybe even the US if you can rely on any of the earnings coming up.........too a much lesser extent) is good value and it may become better value. However I don't spend my time seeing what I want to see like the super bears and super bulls.

I believe we are in good buying territory for stocks trading below reasonable valuation (mainly good growth,low PE ,high div ) stocks and I was buying selectively today.........none closed lower than where I bought. I also made money today on puts on high PE stocks (BIL etc........).........not quite enough to offset my stock losses but hey......I was a little underprepared. We are in a stage where you can make money both ways (as always) and it does you no good to be preaching your bullishness or bearishness with such paranoia............opportunities will be missed.

People like Buffett will be licking their lips cos as the high PE,no substance companies get brought down to earth it'll also bring the companies that even months ago where good value (yes bears......they were there) with them and that's where the opportunity lies. How many people had the guts to buy up in the week following Sept 11...........not many. How many people regretted not buying CBA at sub $25 when it was pushing $35 a few months later?? It takes guts but you have to have faith that good companies will have fair value restored.....a lot of the correction in the last few weeks has been overvalued companies such as CSL,TOL,PPT ,NCP,BIL etc.....coming back to earth. My stocks didn't get hit until the PANIC today........so today I added. And if they drop again tomorrow I'll buy selectively again......using the money I make on my puts!!!!!

It pays to play both sides of the market with a cool head. As always the perennial bulls will have the last laugh..........they always do eventually and those that know when to be bears will make a quick profit now and use it to add to quality long positions. Those that stay bears indefinitely will lose as they always have IMHO.

Ed.