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.

AL ...... glad i sold a bundle even before yesterday's debacle, but portfolio still inevitably pretty bruised ...... i agree that it is too hard to predict quite how the market will react next ...... in the past, we have seen instances of both further falls and almost instant strong recovery

In my opinion there'll be massive short positions being covered that will push the price up, followed by selling into strength and new short positions taking it down again. There could be some very big swings, and if the technology can't keep up again, they could appear within seconds from nowhere.

Strawbs.

Out of all the news It's the Greenspan comments that I'm mosted concerned about, waiting to see what the Dow does this afternoon I think.

Yeah, and what's a good way to start a recession.........have a major stock market crash. :-)

Strawbs.

Massive drops with very small amount of shares traded, i think this is a good sign, and now topping up with bargains. How many books do you read which say ''when everybody sells, this is the time to buy''. Kenmare one of the bargains at 41p

Actually the best time to buy is when everyone's sold, not when they're still selling. But if you're buying. Good luck. I'd avoid anything that's done really well in the last few months. The biggest profits tend to attract the biggest profit takers.

In my opinion.....

Strawbs.

and how do you know when everyone has sold? .... lol

As for mr greenspan, surely his comments are now 2 days old or has time done funny things for me?

i feel like a bull bearing...

Easy. When nobodys talking about the stock market anymore and how much money you can make, only how much they lost.

More economic news in the States today........wonder what happens if that's bad (or good for that matter).......

Strawbs.

anyone got info on current dow futures...? did i read somewhere they are forecast to open strong...?

currently reckoned to open +50/60

DOW being called +50 currently

That sounds good....but there again were they saying -416 on Monday morning about yesterday -):

It was a buy for me this am...bought into GNG and ITM...already in profit now.

Well done. Braver than me. Lets hope it was just a "small" correction....

Strawbs.

got into kenmare which was down 12% at one point, plain daft really, already up by almost 6% after costs. Some bargains around first thing but not brave enough for any others, still the froth is reduced a bit, will be interesting next couple of months but blue chips reporting today have good results.

So is it the start of something more serious, I don't think so, at this stage I'd expect some bounce over next couple of days and further volatility for a couple of months, but I'm no expert by any stretch..

However longer term looking increasingly uncertain, mixed data as usual leaves everyone confused..LOL

If you picked good shares with potential, I don't think u need to be worried. It is an opportunity, strawbs. GNG is a good one. And I'm looking at SPA now.

the rest of the week is likely to be quite scary, especially Friday afternoon as positions are squared away

I have to admit to taking a lot of profits yesterday and reducing the portfolio to batter the storm. The May 06 correction lasted for more than 2 days and this could too. There seems to be a lot of unnerving activity going on Iran, Afghanistan, US recession, the potential demise of the carry trade and the associated effects that has on private equity. I gather Hedge funds have supposedly taken a lot of long positions recently so things could go really pear shaped if this drop persists. Having said that fundamentals are not excessive for many big companies with record earnings.

I will be looking for some confirmation in the indices (both here and in the US) that this is a brief correction, rather than something more serious, before I start putting my funds to use again.

Once that happens, there will be more than enough bargains available to go at.

IMO, I'd rather be a bit late in re-entering, than risk jumping in too soon.

Steve