Pete Wargent blogspot


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Tuesday, 29 September 2015


Expect there will quite a lot of blood on the streets for a number of self-managed super funds right now as stocks were absolutely rissoled again today, with the ASX 200 plunging by 195 points or 3.82 per cent.

The All Ordinaries index (XAO) was down by 3.62 per cent, taking the market back to where it was in August 2008, exclusive of dividend returns.

It was the miners again which once copped the worst of it, following on from huge falls in Glencore's valuation on international markets.

Rio Tinto (RIO) fell by 4.6 per cent to $46.52.

BHP Billiton (BHP) got absolutely smoked, down by 6.65 per cent to a seven year low of just $21.61.

Santos also fell by 9.1 per cent to just $4.28.

The banks were fairly hard hit too.

While cheaper share prices may be seen as a positive for net long term buyers, such volatility can be unnerving to the market and could easily send shares into full blown correction territory.

The Residex September property market update is due out shortly.