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Bargain Hunting Friday

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mick2006

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11 September 2006
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well I have been lucky enough to make quite a few substantial profits over the last couple of months, and also lucky enough to move quite a bit of it too cash over the last fortnight or so.

With a couple of million sitting ready to be re-assigned today is going to be a perfect chance to grab a few bargains off desperate sellers.

Am looking at grabbing a few of the following if they get oversold in the morning.

PEM
AED
ZFX
WOW
MLX
RAU
BHP

Would be interested to hear what you guys are keeping an eye on today, because there is no doubt for longer term holders there will be alot of value buying today.
 
mick2006 said:
Would be interested to hear what you guys are keeping an eye on today, because there is no doubt for longer term holders there will be alot of value buying today.
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Mick, I'm a bear in a bull suit unfortunately. I blame my brother, the biggest bear on the planet!! So, no bargain hunting for me. I'm looking at shorts until a bottom appears, or an upward trend continues.
 
Hey Mick,

What a great name Bargin hunting friday ! Well lets see what we can pickup in the wash.... It's a shame we did not get an invite earlier maybe we could have arranged some more cash for the party....

Thanks for the heads up...

ha ha ha !!
 
From a t/a view, can any positives be taken from the fact that the DOW recovered from over 400 pts down to 311.50?
 
Hey PG, they were talking it up as a positive on CNBC this morning.

Also said tonights GDP report will be important if it is 3% + they thought the market may rally back.

Another interesting point only 8 times has the dow fallen more than 300 points in a session and 7 times out of 8 times the next day has been higher with an average gain of 160 points.
 
mick2006 said:
Another interesting point only 8 times has the dow fallen more than 300 points in a session and 7 times out of 8 times the next day has been higher with an average gain of 160 points.
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Were they dead cats Mick, or total recoveries? Would be interesting...
 
I sold about 80% of my stocks yesterday (I did see some signs).. and won't be buying back in for a few more days at least.

I'd be suprised if it just sprang back up.. I'd expect 3-4 days of downwards movement at the moment. You never know, today could have just been a small drop before 'the big one'
 

Well Mick that may just work if your lucky.

Or your bargains today may get a hell of alot cheaper in a weeks time there is no indication to buy today.

I am with Kennas I will be looking to sell the rallies, until a base can be seen.
 

I think there will be a minor rally on wall st tonight and us on monday then we will see were it goes from there, the deciding factor will be how deep the following weakness drives down.
 
over the short term i think there willl be a bit or recovery, well on ASX at least. because there r still alot of money sitting around in cash in Super accounts, fund managers r looking for weaknesses to buy in. so we should be seeing a bit of buying on monday if we recover a lil this afternoon.
 

I tend to agree, but it will depend a bit on what happens o/s tonight, if they tank again we could be in trouble on Monday.
 
as i tend to take a longer term view i agree with mick. just wish i had some spare cash for the bargains.
 
To me now, this is like survival of the fittest. The fittest being in the most demand. If the stocks you hold are truely in demand, then buyers will move in on the weakness. If not, your stops will get hit, or both may happen. The last few days have weeded out some weaker positions in my personal porfolio, the stronger positions have risen back up off the lows when the buyers came in to take advantage of the price drops.

Lets just hope that it doesn't get to carried away and there are no buyers to come in.

Cheers,
 
I'm not directly holding any stock on the XAO and I'm yet to see any significant plunge in my portfolio. I'd love to have some $$ spare once things turn around (insert comment about not catching falling pointy things), but I really have no idea what I'd pick...

m.
 
Its always good to check out the companies moving ahead on days like today and find out why, keep a close watch on them.
 
Definitely.. Lot of them that have taken the biggest hits (10%) are ones to a bit wary of in future, and some that have held up relatively well are pretty solid. Some haven't suffered as much as I may have thought.

Materials seems to have taken the biggest hit, and financials the least.. ironic consider the trigger is pretty much finance concerns from the US
 
Not to much damage done, expected a lot worse ,the only casualty seems to be MBL down 5% otherwise:
 
with you there spaghetti I also took the chance to grab some ZFX, dividend yield is enormous at these levels.

Also bought into RAU at 3.3c, looks like it has formed a base with buyers driving it back to 3.5c on good volume.
 
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