Hmmm.... Not pretty. But its to be expected. One day up. One day down. This is clearly a market for smart traders or for investors with deep pockets, long time frames and crystal ball eyes. The big boys like ANZ, NAB have been very volatile. 5% up. 10% down. What to do? Best thing to do would be to park your cash in the bank and go on holiday.
2nd best thing to do might be to take advantage of the volatility and do some day trading with pocket money - but after carefully looking at the charts for direction.
There's obviously some opportunity to be made here- but if you're not careful and foolish with your money management - you could ruin yourself, like all extreme sports.
Baseline for ANZ now seems to be around the $15.50+ mark. Get out at $17.50 for a 12% gain.
But looking at how bad the market is going, I would not be surprised if ANZ comes even lower - in the short term view of course.
Damn I wish I had closed my positions in June. I was sitting on a good profit margin then; I get so stupid sometimes.
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