media cottoning onto overreaction by mkts! :)

Hey Fellas

A few posters have been saying this on HC the last couple of weeks!

Looks like the Market and Media is starting to wake up to the fact that these headwinds, Greek Debt issue, US Slow Growth and Chinese economy slowing too much have been overdone over the last month.

There is still some time to go before the US slow growth issue is addressed, but China will continue to power ahead with 8-9% GDP growth and the Greek debt issue will be resolved in the next few weeks.

Once the media cottons onto the Australian Mining Industry�s incredibly profitable position, we will see the two main factors, positive sentiment and positive momentum return and a lift in the ASX will occur!

Cheers Nectar!




Australian share market jumps into positive territory
� From: AAP
� May 27, 2011 12:32PM
THE Australian stockmarket bounced back from early losses to be higher by early afternoon, led by the materials and retail sectors.
The benchmark S&P/ASX 200 index was up 16.9 points, or 0.36 per cent, at 4677.1, while the broader All Ordinaries was up 18.3 points, or 0.39 per cent, at 4753.4.

The S&P/ASX 200 index had been down 0.18 per cent earlier in the session.
Austock Securities senior client adviser Michael Heffernan said investors were buying into the market after heavy losses earlier in the week.

"I think investors have realised that the relative belting the market got on Monday, Tuesday and Wednesday, for no good reason, was simply overdone," he said.

"So we've seen a fightback yesterday and that is continuing today, despite a lot of profit taking."

Lingering concerns about European debt were not a reason for the Australian market to suffer serious losses, he said.

"While the dogs are yapping around the heels of world economies, what they are yapping at doesn't have a great deal of substance," Mr Heffernan said.

After a flat opening, major materials stocks gained ground. BHP Billiton was up 26 cents to $44.17, Rio Tinto had added 44c to $80.69 and Fortescue was 14c higher to $6.47.

Bank stocks remained mixed, with ANZ and Westpac losing ground.

Westpac was down 14c, or 0.63 per cent, to $22.11 and ANZ had lost 5c, or 0.23 per cent, to $22.02.

Commonwealth Bank was up 57c to $50.97 and NAB had added 7c to $26.22.

In retail, Coles owner Wesfarmers was up 19c to $32.87, Woolworths had added 8c to $27.23, while JB Hi-Fi had gained 35c to $17.12 and David Jones was 1c higher at $4.36.

Surfwear retailer Billabong was a strong performer, up 23.5c, or 3.88 per cent, to $6.295.

Merger and acquisition activity continued today, with online gaming firm Centrebet to be acquired by London-listed Sportingbet for $183 million.

Centrebet shares were up 10.5c, or 5.71 per cent, to $1.945.

National turnover was 867.1 million shares, worth $3.5 billion, with 505 stocks up, 348 down and 388 unchanged.


http://www.theaustralian.com.au/business/markets/australian-sharemarket-edges-lower-on-profit-taking/story-e6frg916-1226064017203