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I find this unbelievable
forrestgump
post Posted: Aug 24 2007, 10:08 AM
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In reply to: forrestgump on Thursday 16/08/07 07:44pm

G'day,

Just taking this thread back to it's origins.

QUOTE
My complaint is against the ASX (who, after all, own the SFE). They surely would have known that this would happen if the SFE carked it. They should have had in place a policy of immediately shutting down the ASX as well. Even if they didn't know in advance that this would be the likely result, as soon as they saw what was happening they should have shut down the ASX.

This needs investigating by the appropriate authorities. A lot of people have been seriously hurt through no fault of their own - and it was avoidable.


Apparently, it was reported in the AFR a few days back that ASIC are looking into this matter as "it has happened too often".





--------------------
Peace
Fforrest

Try to be as good a person as your dog thinks you are.
 
early birds
post Posted: Aug 17 2007, 08:37 PM
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In reply to: kahuna1 on Friday 17/08/07 07:06pm

about redemption?? yeah, it was me.

i think big hedge funds done their selling two sessions before, now the sheep got slaughted and bears had belly full. time for the valture to feast??

i'm in the mess with CGJ. bought little earlyer.
do you see value in QBE at current level?
i'm kinda scratch my head with them atm. need your help k.


 
Financial Chatte...
post Posted: Aug 17 2007, 07:18 PM
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what about the director of EHL forced to resign because he sold shares in EHL as a result of a margin call. The sale was a breach of company sharetrading policy, so the announcement states

 
kahuna1
post Posted: Aug 17 2007, 07:06 PM
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In reply to: early birds on Friday 17/08/07 06:40pm

Hi Eb ...

many thanks for the link ... if it was u ?

Megan says she doesn't think they are her best work.

Meanwhile back at the ranch .... up down shake it all around.

Advice .... as I said on cash is Kings ... fill up your car.

the rest ... sell sell sell !! No buy buy buy !!!

I meant SELL ... no BuY ... ($@*)&#$@($*@(*$(@*(*@(*(@*_!_!(**$

I do think the most interesting thing was the admission by CBA the biggest margin provider by far ... yesterday they closed out 1,200 peoples positions becaus ethey failed to meet margin requirements.

THe price of a stock is a function of this ratio and those skirting on the maximum allowed borrowed for the least equity ... a move like we saw even from good stocks like ANZ and WBC ... where ANZ down 6.7 % in a day ... 12.4% in a week ... spread across the baord and with some shedding 25/30/35% off their peaks it was automatic shut down time.

That added to Japan openeing after lunch lower added to lack of liquidity over our own lunch just made the fall a bit steeper than normal.

Our futures did 164 points in 36 minutes this morning ...and I am positive you will NOT be reading that in tommorows paper ... maybe page 29 ... not the front page. It did 100 points in 10 mins !! Making yesterday look like a tea party. The rally from the low at 3 am was a whopping 5% ... I am sure we will not read that ... and so on.

Funny what sells papers I suppose.

Got to run .... Megan being a pest again :}

cheers



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All views expressed are my own opinions. While I take every care when posting no guarantee to the absolute veracity of the postings is given or implied. Please do your own reseach and consult a professional investment advisor before investing.
 
early birds
post Posted: Aug 17 2007, 06:40 PM
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In reply to: kahuna1 on Friday 17/08/07 05:43pm

US futures got spanked again .... and in the last 40 mins ... bounce ... US futures back over 1% ours 1.5%
----------------------------------------------------------------------------------------------------

k
it's witching day for US and Eurozone.
the name of this witch?? Meagan!! lmaosmiley.gif
i love your this line. when i read that post, i'm in tears laugh.

for the base metal----- we most likely to see a little rebound tonight.

hey k, times like this we love evermore!!



 
kahuna1
post Posted: Aug 17 2007, 05:43 PM
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It must be true ... I read it in the newspaper ...

idiots ... they even printed the graph of the japanese market next to the story.

Pity they left out the break over Lunch and close at one price ... open at another.

Sadly the ASX or SFE cops it again. As someone who literally has traded more than a million round trades on the SFE ....

they were one of the first if not first to go electronic and back then were called idiots by some of the bigger open outcry exchanges. Within 18 months they were going electronic or loosing market share hand over fist.

SFE platform whilst not perfect ... and at times bloody annoying ... yesterday it didn't send US futures lower or the japanese or Korean stocks down.

Makes for good reading but .... utter crap.

Used to think the Austrlaian wasn't a bad paper till the front page announced it ... and front of the business page same thing.

Yes as a futures trader i am going to sit on the bid and take it in the whammo as Korea dips to 7% down and Japan to 3% yesterday .... today korea 3% more making it 10% in 2 days ... Japan ... yikes 5% .

Still the fun and games contiue .... post 4 pm ... after the cahs closed futures had a cow dropping 1.5% as US futures got spanked again .... and in the last 40 mins ... bounce ... US futures back over 1% ours 1.5% ..... japanese futures 1.5% ...

Oh and to cap the festivites off for the last hour ... Ozzie dropped another cent.

Pity they keep smacking our exporters so hard ... even oilers where the oil price has been steady and the currency sits 12% lower in 3 weeks ... yet the shares of most off 20-40% even fore big producers.

Its all good ..



--------------------
All views expressed are my own opinions. While I take every care when posting no guarantee to the absolute veracity of the postings is given or implied. Please do your own reseach and consult a professional investment advisor before investing.
 


balance
post Posted: Aug 17 2007, 10:52 AM
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In reply to: forrestgump on Friday 17/08/07 09:26am

Hi Forrest and others.
Given that the sfe issue was a known by others (me and I'd guess most punters didnt I might add ) the timing of it and the route on the physical was pretty odd given the circumstances.Perhaps the asx should have given more thought to it.
Kohler isnt a complete mug and would think his public statements have some credence.




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Day Trader: Lowest form of life in the known universe.
Shorter: Can limbo under a day trader.
Investor: Salt of the Earth.Sits to the right of God (Warren Buffet)
Share prices are only ever manipulated down.
Paper losses are not really losses.
Chat site posters always know better & know more than anyone about anything.
I'm 29.
The cheque is in the mail.
 
forrestgump
post Posted: Aug 17 2007, 10:39 AM
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In reply to: Danville on Friday 17/08/07 08:41am

No sweat Danville.

All the best.





--------------------
Peace
Fforrest

Try to be as good a person as your dog thinks you are.
 
Danville
post Posted: Aug 17 2007, 08:41 AM
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In reply to: forrestgump on Friday 17/08/07 06:26am

Hi there Forrest

No offence intended. Gee, the markets are tough enough without giving each other a hard time. Best of luck to you

 
forrestgump
post Posted: Aug 17 2007, 08:26 AM
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In reply to: Danville on Thursday 16/08/07 09:30pm

G'day,

Well, if what everyone says is true then I was slightly misled by Alan Kohler.

I do feel slightly miffed by your post Danville. You say :

QUOTE
...but I don't see why this is so unbelievable.


Your implication seems to be that I was saying that the movement in the market was unbelievable. If you read my post I was not saying that at all. I was saying that the actions of the ASX/SFE were unbelievable. As I say above, it seems that I was basing this on incorrect information. Regardless, I feel it necessary to point out that I don't find any genuine market movements "unbelievable". As I said (and implied) in my opening post, we rely on a market that operates within parameters that we know and (have the opportunity to) understand. I was certainly not blaming shorters for the situation. We all know that shorting exists and is legal and permitted. We operate in the market knowing this.

It seems that, in this case, the market movement was genuine and was not caused by the SFE shutdown as advised by Alan Kohler.

I guess that's the end of the story.





--------------------
Peace
Fforrest

Try to be as good a person as your dog thinks you are.
 
 


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