He was a good guy that Mr P - very astute as well.
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Our old friend Hussman reminded us last night that - Valuations are the main driver of long-term returns, but the main driver of market returns over shorter horizons is the attitude of investors toward risk],
And many are now a lot more risk adverse and won't be buying if down days are here for a while. Need keen buyers to start a turn around if we are indeed in a big correction.
Ties in with what Mr P said in those posts KW linked to.
Can't be a bad day ...pumpkin patch up a few %
The markets may well bounce sharply later today or later this week, but I will not invest anything at this stage. Severe technical damage has been done to almost every market around the globe. Most people have had no chance to sell out yet and those sellers will cap any bounce. Some markets are down 5% from their peaks; some are down 30%. I don't try to predict the next few months but if there are more severe sell-offs, followed by repeated failures to break the lows of those sell-offs, then I would start piling in 2-3 months for the usual end-of-year rally. But that's a big IF.
Glad was busy with other stuff on, didn't pay much attention to daily trade. Not a bad thing after all!
Not expecting any great moves tomorrow either, might be another lower day again. Brighter on wed perhaps??
Fph almost up. Must be a good reason. No doubt we will find out on Thursday.
http://www.cnbc.com/pre-markets/
China market now down nearly 9%. Dow Jones futures off nearly 500 points.
Just imagine what losing 9% of your portfolio's value in a single day would feel like...you'd have a bloody bad headache that's for sure :eek2:
Yes Roger, I don't think carnage is quite done yet...
This type of day has been due. If you have purchased solid stocks in solid companies for the long-term, preferably with a good dividend yield, then all should be well. I a going to be very interested in the overseas markets, again long term holdings of good companies should hold up well. It all seems to be cyclical and it makes for interesting news! I just hope that the NZD stays low and even tracks a bit lower. Days like today make me thankful that I am not a trader....I literally don't have the b**ls for it.
If this carries on, Rod Duke will be a shoe-in to get KMD at $1.80...lol.
Heck he might even get half the ASX for that......
I suspect he's starting to rue the day he ever dreamed up such a crazy takeover...especially seeing as he's already bought out a whole bunch of institutions for $1.80 cash. Consumer confidence plumbing multi year lows is hardly conducive for big spenders cutting loose at KMD stores helping make KMD directors dreams of restoring descent profitability a reality is it ! The independent valuation probably needs to be moved to the fiction section of the investment library about now I would have thought.
Though there's still tomorrow to come, that wasn't so bad, was it? My portfolio is only down less than 2.3% so I only got a few more shares for 2 stocks to add. And one of them is XRO :)
You want more!!! Plenty more coming ; this is just the beginning .Volatility ahead ,No exit for many days ; Steep gradient; Sharp turns ahead; Furry animals crossing road ; Slow down. Then again I'm hoping its a storm in a teacup but thats wishful methinks.
Those that "panicked" early on the ASX and sold when it was only down 2% didn't do too badly did they ! My best performing investment on the day is my dogs. They still wag their tails and make me happy :cool:
For those interested
https://pbs.twimg.com/media/CNEkMmAUEAACBa-.jpg:large