We could be in the process of a major crash - I don't know, could be a lot further to go - but I'm shopping a bit today. Got realistic bids (i.e top of the bidding queue) on some Thorn Group (TGA), and the speccie oil/gasser that I've mentioned a couple of times Neon Energy (NEN) today. Looking around for more interest too. My bigger targets: Flight Centre (FLT), Monodelphus (MND), and ARB Corp (ARP), possibly Iress (IRE), haven't dropped down far enough yet. Note the total absence of gold/silver stocks in my list. Anyone buying stocks?
Yea i'm sticking to very defensive stocks mainly TLS and in ASX:GOLD right now. TLS seems to be doing fairly well today but i'm really waiting to see if the ASX will dip below 4k which could really open up a can of worms. I tend to think none of the miners or financials are good value still. I think silver miners still have a fair bit to fall yet it's possible gold miners may do not bad(NCM is looking good today). But i'm not actively buying right now it looks like we are staring into the abyss untill some country announces the next big print.
Telstra in retracement mode from the good run it looks. but holding up very well today. I was reading something by the acclaimed technical analyst last night, Louise Yamada, that suggests that world indices are forming major tops: http://kingworldnews.com/kingworldn..._Now_Have_Massive_Tops_on_Global_Markets.html I don't like the prospect for NCM I have to say, either as a company or as a chart - but could be wrong. Another A quality stock I forgot to mention that I would like at a lower price than today's is Fleetwood (FWD). I too am steering clear of financials or miners to buy.
@ BullionBaron - Yep, I might well regret taking a bite today - both my bids for Neon Energy (NEN) and Thorn Group (TGA) filled in te last half hour :|
This is some speculation of course but i think we are looking at a golden moment(forgive the pun) that we also saw in 2010 when gold was rising in USD due to fear in Europe and at the same time there is a run to the USD so the AUD is falling. We may be on the verge of a huge spike in gold but i need to see some more data in the coming weeks to put more money into this view. If you look back at the charts in 2010 it's looking eerily similar.
This is what ive been watching as well - we could possibly have bottomed in both silver and gold over the last few days - Gold ticked US1550 and silver ducked under US27 It will be interesting - either we will see lower or this could be where gold leaves everyone behind and people start panicing back in US1750-1900 by october this year was my call on gold
Worley Parsons (WOR) is near buying range too. Worley is an A2 stock, but still over-priced according to the Skaffold program. The chart is interesting for WOR - it has reached a support level at $25 today and despite the gap down for the day is looking indecisive. It's deciding whether $25 is enough or go down another floor. I will only have a go at WOR if it drops down to next support at $20
Gotta say none of my trading charts are showing any positive signs. I've never seen the charts all point down before so definitively. I'm hanging off for now. Picking bottoms only ever gets me smelly fingers. malachii
You need Retard Monkeys sqiggles and smile faces drawn on a chart to make sense...he pretty good at it!
I've been buying GOR (Gold Road) all the way down. On Tue 15-May got 5000 at $0.205. On Wed 16-May got 5000 at $0.195, and 5000 at $0.180. My 5000 order at $0.170 almost got filled (it got to $0.170 on that day). Also have another order for 15000 at $0.160. Not going all in. Retaining sufficient cash for further employment if further dips occur.
Be careful, if you don't mind my saying, of averaging down in a non earning spec stock. You can find yourself in a lot deeper that you would have planned. GOR should never have broken below 30c, but did so without hesitation, and chart looks nasty. But this week's action looks ok considering - might be due for a bounce?
Thanks Finicky. This is the only miner I'm buying. Feel comfortable with them. But nothings 100% certain. I'm happy to gamble with GOR. I think they look quite good; ie: 1 million oz of gold, yet only 1% of territory explored. Bonanza grades as well. I'll take this risk...
Chris Kimber from fat Prophets has been promoting GOR on the Your Money Your call show as FP's gold spec. Looking a bit chastened when he mentions it lately. Another stock I've been looking at afresh today, because of the downturn, is a property developer Cedar Woods (CWP). A3 stock in the Skaffold constellation, trading at a discount to present and near future intrinsic value. Fared not too badly in the GFC - earnings plunged in FY2009, but not so much that it couldn't pay a severely reduced dividend, and everything had more than recovered by FY11
The first of the SHTF coming from ANZ Ceo today?...... "Credit markets are already closing as the euro zone debt crisis continues, ANZ chief executive Mike Smith says. "This is what happens in this sort of situation," Mr Smith told a Trans Tasman Business Circle lunch on Friday. "Confidence goes, investor appetite gets stopped, people are all about capital preservation. Advertisement: Story continues below "They're just not willing to invest, and credit markets always get hit first.""
As you know, its a common tendency to refrain from buying when stocks dip, but when the prices go up, everyone jumps back on board. As Bob Moriarty said on the Gold Report, when the prices start going up and everyone starts buying, this is the time that we'll be selling. And as Rick Rule says, if there's a great stock that you like, and it goes on sale, you should be happy. But most people panic and sell when a sale is occurring. Contrarian advise. James Dines has said the same thing, when prices go down, most people want to rush and sell what they have. But when prices go up, they want to buy more. PS: I am aware that the sh*t could really hit the fan soon. Bank runs are occurring in both Greece and Spain now. Greek banks may actually run out of cash to pay people, because they can't print euros. It could be total chaos, sadly for the people. Nevertheless, for me, this is the time to increase my stake in GOR, and take my chances. GOR is something I'm sure the Chinese would love to buy. As you might know, the "vein" in the earth in WA, next to the vein owned by Gold Road, has produced 120 million oz of gold over its life-time. A humungous amount of gold.
Yeah but the trouble when you apply that sort of thinking to spec stocks is that virtually no-one outside the company can really evaluate them. Also it is contrary to having a stop loss, whether mentally or mechanically, because every time the stock falls you buy more instead of the opposite - cutting losses. The selling down of a 'good' stock is not always irrational panic - enough people with enough money to affect the share price might have sniffed what is really going on.
True. Enron is your classic example. Promoted as the creme de la creme of blue chip energy stocks by all the pundits, until it went to zero.
But in this case I think it all had far more to do with the Gold/Silver price and other general factors than specific issues with specific stocks. That's why essentially everything took a dive.
