ASX Taking A Hammering
March 9th 2020
By now you’d know that we’ve taken a hammering in the market (ASX-XJO) today after waking this morning to a new low of 5,800pts over the weekend. In preparing earlier emails, the research and market factors indicated that we could potentially reach a low of 6,120 pts.
We are clearly past this now having dropped a further 100pts today. What this now represents is a market that’s been oversold, driven down by a media that’s in overdrive regarding the coronavirus.
We really shouldn’t be too surprised at this though I guess. When I see vision of grown women ripping at each others hair, screaming and slapping one another in a supermarket brawl over rolls of toilet tissue, I suppose an irrational overreaction in financial markets is probably to be expected.
Just to be safe, I thought I’d better grab a few rolls though. Do you think we’ll ever get used to the term “worth it’s weight in Sorbent”?