the asx is bigger basket case

Morning Yup its Friday just maybe with Dow up so far future looking ok, copper up over night, and huge amount of luck PNA can finish Green or is it just proving to hard of late.

I'm in no delusion that the US and Europe have deep problems. But someone needs to tell our trader and investors here we don't have to carry more of our fair share of there problems our market is becoming a joke. Not only are we following the US now to a T. But our friends (US) have to follow up a good night with good future numbers for us to stop have days of collapse. Its depressing to see we always seem to follow markets down extremely hard but are very cautious to follow them up. We do seem to follow our friends up but only if an up trend is truly well and I do mean well established (shown in chart 2)

I've been reading statements that leaves me feeling our markets could be in a sustained bear market, that will involve testing new lows. Sentiment is a very powerful tool in markets and I'm sure our traders here can (but I hope not) make anything happened and not only do it, but do it first. Look at a stock like BHP, (Even Myer) have just declared a sensationally high profit, but still the SP sinks why? because the large overseas funds are not placing capital into our market? instead they are favoring high quality corporate and government bonds. Of course all this just makes our investors and trader more jittery and in more likely hood wet themselves more than they need too.


Chart 1


.

Chart 2