Did Delusional Economics move the ASX? Immediately following his bucket of cold water on the supposed European save, the market began its downwards turn for the day.
I’m being facetious of course but it is possible to move the Australian market, as Alan Kohler discovered late last year he made his now infamous call to sell everything at the bottom. Not that that has hurt his exit seemingly, pocketing $8 million for the sale of BS and the Eureka Report today, from Crikey:
ABC star Alan Kohler will pocket a cool $8 million from the sale of his pioneering business journalism venture after he inked a deal with News Limited to sell the business he founded for $30 million in cash.
Back to the ASX, The Prince’s theory is that 2pm is the witching hour for the market. That’s when the fundies return from lunch and start pushing money around, it tends to determine the course of the day. Clearly the sushi was a little sour today!
