Yes the market has interrupted our progress ...but it will swing again sooner than later....
"Austock analyst Michael Heffernan said he expected any falls to be temporary, and expected the Australian market could recover last week's 5.3 per cent decline, to finish the year at 6300 to 6500 points. "A lot of people have to start taking a cold shower," he said.
"Right now I think the market is up around 7 per cent since the end of last year. That's a very sustainable movement and I think we could finish the year 10 to 15 per cent up, which will be a very good performance."
He said he expected bargain hunters to return by the end of the week. Investors should not panic because the economic fundamentals of low inflation, interest rates and unemployment were all solid, Mr Heffernan said.
"On Tuesday, we were on a record high for the market and suddenly on Friday it's Armageddon. That in my view is pretty crazy."
AGS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
