i have said it before and i will say it again, page-8

passive,
Fair call.
However what we are watching is a fundamental change.

Normally people invest for the future, we look at future earnings, trends etc.

What we are watching is short term stuff, there is good reason for this and this does stem from property.

Property spruikers were saying that real estate would not come down, consequently it has and now they are panicking and their calls are unravelling.

They should have called a straight bat at the start and said that a small drop was to be expected; the market would have then expected it and made rational decisions.

What we are watching now is people losing faith in those who manage things and what they are saying... when this happens many people make their decisions on fear.

Ironically the ones who are being shown to have no idea are the ones who are actually playing with our money.

This month will be a marker to what has happened and also what will happen in the future.

Personally I am not too stressed as we have got nearer to fundamental value, we may drop below that short term but we will come back.
I am not playing short term and have debt covered so it suits me, I do feal for others and specifically as you mention the retirees.