I have been hearing of this correction for the last 2 months and the date thrown around has been end October. This was my biggest fear that MEO news will miss out any good share re-rating due to global markets. I think MEO timing is going to really suck. I am just hoping I am wrong.
IMHO, fundamentals go out the window and there will be no share immune to a massive correction. If there is a crash (and DOW has already retraced 4%) then we are in trouble. I will wait but if DOW breaks 9400 i will liquidate my portfolio, to me that is a key support level. BTW, DOW will never retrace to those levels, I think realistically any correction will take us back to circa 7800 - 8000 (on current fundamentals). If we go down to 8000 then MEO in range of 25c - 45c for sure, probably on the lower end of that scale.
Saffer
MEO Price at posting:
57.0¢ Sentiment: Buy Disclosure: Held
