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Bargain Hunting Friday

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Well the All Ords was down about 170 points today, and let's not forget, this is on top of the falls on Wed & Thurs, totalling about 300 points, plus or minus a few points?

Guess I've dropped about $30,000 from my SMSF this week. Excuse while I heave a sigh.

Sigh!

So maybe a chance to maybe get into something that I've lusted after for a long time at bargain basement prices.

Entertained the idea of a foray into MBL for the first time, very tempting with a 5.84% fall, but eventually picked up some Alloco Finance AFG just over $10.

Hoping for a silver lining after today's debacle.

regards YN.
 
Or sweating over the weekend on my losses come Monday? Perhaps Monday is 'bargain' day?
 
Dow Jones 13,265.47 -208.1
FTSE-100 6,215.20 -36
Hang Seng 22,570.41 -641.28
NASDAQ 2,562.24 -37.1
Nikkei 225 17,283.81 -418.28
S & P 500 1,458.95 -23.71
SPI Futures 6,000.00 -65

Maybe the bargains are not so much of a bargain after all...

There is no cheapest but only cheaper.
 
ConsMin CSM will be an interesting stock to watch on Monday. It was UP 10% on Friday, when everything else fell. It was a great day to own CSM, lots of very happy CSM punters on black Friday.
 
Place TAP, CBH and FCL on your watchlist. Fundamentally very sound companies and currently offer value at these prices. No significant sell down in any of them but now offering good entry points. FCL may drift a little more but I see CBH going back up short term on the back of strong buyer support. TAP has bounced again off a support level and is unlikely to go lower and has had strong (big) buyer interest.

Watch the big offscreen buyers with FCL and TAP in particular, I believe the bargain hunters will come back in force with these two.

Disclosure: I bought all 3 yesterday at the lows.

Now lets see if my watching over the last few months pays off? I sold all holdings early this week and sat on cash and and a couple of small CFD's. I thought something was coming I just didn't think this early.

Market consolidation time and need to look for fundamentally sound value stocks. Penny stocks that have run hard of late will get hit very hard.

Take care, but don't panic. Keep focussed and don't take unneccesary risks.

Cheers
Hangseng
 
YELNATS said:
Guess I've dropped about $30,000 from my SMSF this week. Excuse while I heave a sigh.
Click to expand...
Better to lose it in the market than let the government get their sticky fingers on it

Anyway, the significance of that depends on your total capital. If you're trading $1m, then it's not that much. But if you're only trading $50K...

Cheers,
GP
 
Uncle Festivus said:
Or sweating over the weekend on my losses come Monday? Perhaps Monday is 'bargain' day?
Click to expand...

Don't count on it.. I reckon Monday we see the market close lower
back to 6000 here we go.

The correction we cant avoid
 
"There is only one side to the stock market; and it is not the bull side or the bear side, but the right side" (J Livermore)
Wait for the signs.
 
ITX did well in this minor correction.

This week alone it went up from $0.82 to $1.20.

And guess why guys because ITX announced Unaudited 2007 Profit 36% ahead of 2006.

And 60% better than Prospectus forecast, Dividend 33% above Prospectus forecast.

Just goes to prove if a company is well run these minor blips shouldn't hurt a company too much.
 
Re: Bargain Hunting Friday or Monday or Not really

It will be interesting in case another downslide on Monday if ASX follows DJ index fall further happened on Friday night in USA. DJ lost another large chunk. American economy is not looking any better in days to come. Interest rate in Australia is going to up. Unfortunately pole prediction for Liberals are not looking good. Stronger Aus Dollar only adding up the pain.

Probably Monday ASX index will slide by 3-4% and the down trend will continue until 2nd of August. Or who knows it could see a pseudo crash of 1987. I am not a winner this month after investing heavily on AWC, JBM, FMG, BHP, SRI, CTS, ACL, SIP, CTS, MOL, DIO, POS (NIA), INR, IRL - some are still good but most of them down hill. That is the game however. Not getting nerves to sell the downhill ones either.

Just my wisdom after reading several journals (good ones), watching world markets and foreign exchange, economic indicators that stock market is getting worse for a couple of weeks. Learning from lessons probably best will be refrain from heavy speculating and sit tight.

We will only see as no one has any crystal ball.

Regards
 
I keep thinking, how's all this subprime business that relevant to the wider global economy, when all signs are still strong?
Are the pricing bases the same for sub-prime credit and equity?
Most company earnings will have been little impacted by the tightening credit markets. In fact, the news about Bears etc, were not new news at all.
And how much "tightening" are we talking about here? Are people no longer going to invest in lower grade credit? Does that mean that the remaining equity holders are now left with junk?...anyway, I think it's all overblown.
 
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