The market seems to be selling-off on the back of limited bad news imo, apart from the dollar that is.

If you can hold your nerve and apart from any short term requirements to offload poor performing stocks, I have a couple!!, my advice would be sit tight. This does not have the feel of the tech(mining!) bubble at all. Difference being there are a lot of good fundamentals, unlike in 2000 when there were a lot of over rated nothing companies.

I doubt if it's over yet. I would be very very cautious of any rally later in the week. Looking at my old portfolio, I'd be thinking some of these stocks are bargains now, but if others have been trapped by the speed of the fall, they could be selling into any rally when it comes. I'm pretty sure the herd mentality is kicking in now, and it'll take some stability before anyone can be sure of the prices being offered.

Strawbs.

Strawbs, I agree, am more likely to wait through the summer (hope I remember this when impatience tries to get the better of me!).

Some of the purchases could just be short covering, or people who have plenty of spare fingers and like catching falling knives, juggling chainsaws, etc.

Cynic, not crying, (yet!) more like anticipating another bite at some very cheap cherries :o)

I was pretty sanguine first thing this morning even after seeing the opening prices ..... Now just bloody

Soul traders,

I know that impatient feeling. That's another thing I remember from the tech crash. The number of people who fell in love with there stocks and couldn't except the size of the falls, thinking it another buying oppertunity.

Strawbs.

Tempting as it may be take a position either long or short, best course of action has to be to do nothing ..... A&L was perhaps an interesting example today ..... Up by about 130 with the RNS (rather non-committal actually) and finishes up only 26.

Strawbs, got to chuckle; I bought a fund (ISA) in the very last days of the tech bubble, went away on holiday for 12 days and when I came back it had burst and I was 26% down. I eventually sold six months later for a loss of 42%. A year or three ago I had a look and it was worth 15% of what I paid for it.

Now they don't even publish the figures for the fund I bought (I have a feeling the fund manager may have been dragged down to the Thames and sent to sleep with the fishes).

And these days I do all my investment management myself.

Agreed, Cynic (see, I told you we were gradually converging!). Let the others do the headless-chicken dance; good things will come to him who waits.

Yep. I've always prefered to manage my own money. At the end of the day, fund managers are paid, good or bad, no matter what size your pot ends up. Over the long term any fund should average out the big falls, of course you've no way of knowing how long that will take, or what you might do with the money in the meantime.

Strawbs.

I went 25% cash two weeks back and without lifting a finger since its now 31%! Pretty good eh??? doh.

Ah soul* ..... trouble is I'm an arsehole ... lol!

Re-invest your current equities holding in Stanelco and you could make it 90%, Coeliac.

LoL, Cynic, you're not the only one (i'm sometimes tempted to put that on my CV under "Miscellaneous Qualifications . . . )

Soul* - don't be a naughty boy; it has been my recent job to question the sense in putting (new) money into SEO, and I rather think "they" would not appreciate another cynical contributor.

What? Have you read my posts on the SEO thread? (I think I posted a comment predicting it to hit 9p by the end of the summer a day or two before you started to voice your concerns - it was about the time that WOODIE said he couldn't see why the stock was "cheap"). I'm now frightened to post any more because all my negative predictions keep coming true, and almost overnight!!

I'm beginning to think there's a price on Soul Traders' head amongst those who still think that SEO is possessed of mystical properties.

On a marginally more sensible note, I see there ought to be strong support for FTSE at about 5460, and similarly for the DOW at 10795 ...... Hindsight says i should have been brave enough to go short when the last supports gave way, but of course I wasn't and didn't! ..... and nor do I think I have the courage to short DOW even now, 'cos I know that will trigger a very sharp recovery.

Update Got WELL stopped out of position 5691 long.
Got 5550 Limit buy this morn.Well in the money this afternoon +55ish.Stopped out - 20 on arrrival home.
That 5550 was crucial to me as it had previous good support and was resistance for some time
All bets off,200 no longer support, maybe :-)
The RSI Should indicate to any fool its oversold.But who would chance it?


Me! Quick long 5515

The chart readings don't work this time.

iain nice post i watched cnbc this afternoon it was around 4.10pm they had a t/a on called phil roberts who highlited the ftse of 5515 as a support level looking at the low for the day this was proved correct, what he said if this level does not hold another quick sell off will occur .

Thats why my bits are in my throat right now:-)
To be honest just wanted to update my misfortune.Too many post stuff without explanation or a follow up

Limit sell 5631 0n the 50% Fib line.Stop at 5500 no technical reason.Just fear

With DOW now recovering quite nicely (bought in a bit late and will prob close before close), FTSE should at least start firmly. With a it of lucvk, there will even be a meaningful bounce, though whether it will have any substance is questionable.