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The official "ASX is tanking!" panic thread

Discussion in 'ASX Stock Chat' started by RexBudman, Aug 5, 2011.

  1. RandR

    RandR

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    I think you'll have to wait until europe 'officialy' implodes and greece forfeits before the fire sales truly begin. Until that happens this is just negative sentiment.
     
  2. TheAbyss

    TheAbyss

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    Nice qualifier "I know its early" XJO down 2.8% atm.

    What do people think of the following as a group of stocks that may bounce quicker than others on updays while we go through lower highs, lower lows? Not saying keep them, just that they are likely to go up on the bounces.

    LYC.AX LYNAS FPO
    TLS.AX TELSTRA FPO
    TTS.AX TATTS GRP FPO
    FMG.AX FORTESCUE FPO
    DXS.AX DEXUS PROP STAPLED
    FXJ.AX FAIRFAX FPO
    PLA.AX PLAT AUST FPO
    RSG.AX RESOLUTE FPO
    IGR.AX INTEGRA FPO
    MAP.AX MACQUARIE AIRPORT
    IOF.AX INVESTA STAPLED
    AIO.AX ASCIANO FPO
    FGL.AX FOSTERS FPO
    BDR.AX BEADELL FPO
    GFF.AX GOODMAN FPO
    RED.AX RED 5 LTD FPO
    NCM.AX Newcrest
     
  3. Chasero

    Chasero

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    WOW!

    Brutal start to the week!

    Small or large dead cat bounce tomorrow?

    I have my doubts on a relief rally, so I'm not taking any chances.
     
  4. Uncle Festivus

    Uncle Festivus

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    Greece is old news - it's gone higher up the food chain now to Italy & France. And Germany has realised it has to start looking after it's own.

    Interesting to know the ages of posters here - those most bullish trying to time the bounces - in your 20's coz you haven't seen a real bear market let alone gone through a recession?
    Or old enough to have been there and done that and to know that doing nothing is sometimes still going forward?

    Short the rallies more like it.
     
  5. VSntchr

    VSntchr

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    The markets have been holding ground on the upcoming speeches of bernanke and obama..but now that they have all come and passed...where to next!

    Down down, prices are......
     
  6. Struzball

    Struzball

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    My guess is no bounce tomorrow.
    Continual steady fall over the next week(s), large bounce after that, but not bouncing higher than august 8 lows (4050).

    I don't have much to back that up, anything could happen.
     
  7. Chasero

    Chasero

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  8. LostMyShirt

    LostMyShirt

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    I honestly thought we would see Gold rally today - but I guess that isn't the case...
     
  9. McCoy Pauley

    McCoy Pauley Get out of here Budweiser!

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    As I posted to the COH thread, I believe this is the first time in COH's history that they've issued a product recall. Calls to mind Buffett's maxim of a reputation being built over a life-time can be lost in five minutes.
     
  10. Chasero

    Chasero

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    I just bought some COH shares @ $56.00...

    I'm always optimistic.. LOL

    I was considering buying them @ $68 a while ago so might as well jump on board now..

    WOW, the share plunge was a huge overreaction! This is the only good thing to come out of my portfolio all week!!

    Thankfully I sold out of the toxic MQG, hopefully COH will claw me back some gains :)
     
  11. skc

    skc Goldmember

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    Lol. I suspect you didn't know they had a product recall when you thought about buying them at $68?

    And how did you assess the financial impact, since the company hasn't yet announce it?

    Oh I see, you were just gambling...
     
  12. Chasero

    Chasero

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    Of course not. Like anyone would know about the product recall. Insider trading much?

    It's not gambling when the general response to a HUGE dive is historically a bounce back up.

    DYOR. I sold out of COH just now @ $57.7. Bounce back wasn't as strong as I hoped. Made a tiny sum at least.
     
  13. McCoy Pauley

    McCoy Pauley Get out of here Budweiser!

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    IMO, it's a gamble to buy shares in COH today when the company cannot advise the financial impact of the recall. I've not had the time this morning to look up the breakdown of the recalled product line compared to other products sold by COH, but unless you've done even that little amount of research, you've just loaded up on black #23, IMO.
     
  14. Chasero

    Chasero

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    That's why you close your positions for the day. It's a huge gamble to hold COH not knowing the future impact of the recall on its financials.

    Although if you study trends, the response to BAD news leading to a huge dive in a company's share price most always leads to a short rally.

    Get in at the low (i was hoping to catch $53-54).

    Get out when it peaks. Close your positions.
     
  15. Calliope

    Calliope

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    So you were gambling on a big bounce, and then you lost your nerve.
     
  16. Chasero

    Chasero

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    Well then, everyone's just arguing semantics aren't we?

    If you invest/trade in the stock market, of course you are GAMBLING in a sense.

    Obviously the gamble is backed up by research, knowledge of how the share market works or study of trends.

    Or else why would you place money in if the ODDS aren't in your favour? All traders know there is a gamble on every trade. Obviously that's why you have your stop losses in place.

    I didn't lose my nerve. I reached my stop loss so I closed the deal for the day. All share traders have an investment strategy, or else why else would you continue trading if you continue to "gamble"? That doesn't make sense.

    Seems like people here get extremely negative when people post profits in a general bear market.
     
  17. Struzball

    Struzball

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    Amazing.. took all of 38 minutes to change your strategy

    I believe what skc was alerting to you, was that when you considered buying @ $68, you had not factored in a product recall.
    So just because the price is lower than $68 today, doesn't make it a bargain, there is just new information.

    Generally when you spin a roulette wheel and it comes up red, it'll be followed by black.
    Is it not gambling to bet on that outcome?
     
  18. Chasero

    Chasero

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    I will trade the market if I see a trend, as the market is ALWAYS right.

    When I was considering purchasing it @ $68, that was based on my own research. No one could have predicted what happened to COH today. And obviously I would've gotten burnt if I bought it at this price.

    I didn't say just because it's lower it must be a bargain. I reacted to the new information, watched the trend and after I've hit my stop loss I got out as the trend was hitting a resistance. (at $57.90)

    Trend trading has always worked for me in the past, so why not practise it given another opportunity? It IS gambling if you view it that way. I don't consider it "gambling" as much because the odds are not 50:50.

    If you have a 90% chance to make a profit, would you still consider it gambling? So it seems for the past few years, I have "gambled" on the stock market and have come out positive. I must be such a great "gambler".

    That's why I don't like the term gamble. But it is what it is. You are gambling with the ODDs in your favour. If you spin a roulette wheel the odds aren't in your favour are they? That's why I don't see it as the same thing.
     
  19. Struzball

    Struzball

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    Fair enough.
     
  20. LostMyShirt

    LostMyShirt

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    Wow - that was the fastest condeding of a debate I've ever seen, rofl.
     
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