Australian (ASX) Stock Market Forum

ASX range 2008?

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From yesterday's Eureka Report [Charlie Aitken]
"If I am right and the Australian banks have made an absolute bottom then so too has the benchmark ASX 200 index. There is every chance that the ASX 200 has already seen its high and low for the year and it's not even the end of the first quarter of 2008. Just to remind you the ASX 200 has traded between a high of 6385 and a low of 5039 – a stunning 1346 point range in under a quarter. I don't think it's a big call to say that will be the trading range for the year."

Do any ASF prophets agree I wondered?
 
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my guess would be a bit lower yet about 4800 ish then see it back to about 5500 - 5600 by years end.

I don't think all the bad news is out of the financial sector just yet.

This is just my opinion, Right or Wrong only the market will tell.
 
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Calling the bottom is a near impossible feat, like trying to call when the end of the world will come?

All we know is that the US banks are probably going to have more losses, and the Aussie ones *MAY* come out with some skeletons in the closet (surprise losses).

I'm not sure if that is all priced in in the banks share prices or not but by all means on technical indicators the stochastics of the banks remain down.

I hope the banks only test their recent lows and not break it, but who knows, even if they do I'll be there to buy :D!
 
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