snippets - 30/10/09, page-40

agree. somewhere along the line there has to be a rebalance of investment capital that has fuelled this rapid equity recovery. better it comes out slowly than in one big hit IMO - this may be what's keeping prices low and the news is a good excuse.

periods like this week IMO is money selling down from good recent profits (and exiting?). P/E and P/B ratios are elevated but not stratospheric. Most export commodities and energy have maintained revenue to go with these anyhow. Steel market still down - I'm waiting for this to take off locally.

while I like to convince myself it's just things getting back to normal, it's the paranoia of the US media and the US market that seems to unfairly influence our exchange.

like it or not, you have to respect it either way. trade data looked good last quarter, hope it continues.

pw