by Chris Becker
Early indications were an open in the -5 to -6% range and that’s what we’ve got, down 6% to just over 3000 points:
ASX200 is brushing it aside as the buy the dip crowd continue to step in, the banks are all up 2% or more (Westpac up 4%!)
Again, this sort of volatility (we’re already above the 95 point, two week average true range or ATR level) is to be expected.
Indeed I would suggest a 5-10% rally on the ASX200 cannot be discounted in the following days on oversold exhaustion, particularly if the AUDUSD weakens from here.
But for Chinese stocks…..