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Originally posted by Westhx
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Was today was the definitive proof that the ASX is in a full bear market? A 3% plunge from the open with a positive (yet volatile) lead from the US and China closed. Banks and resources are already there and many retail stocks entered there today after outperforming for the entire year. The charts on retailers show they have fallen off a cliff in just the past 5 days and down 20% from highs. Telstra is also shot after being a leader all year.
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After the fed hikes the USD will fall an the AUD rise, those USD earner stocks will suffer at worst and not move much at best. Fed will move this year.
(20min delay)