ASX smashing today
- Thread starter themickey
- Start date
What a difference a few hours makes.
When the ASX was opening this morning I didn't bother to turn my computer on at first knowing it was going to be a sea of red and basically nothing else to see.
When I did finally turn it on was gobsmacked to see I was making money, mmmmm strange I thought.
As the day progressed it got better and better with the end result....
That's pretty good for a 'sell off Friday.'
When the ASX was opening this morning I didn't bother to turn my computer on at first knowing it was going to be a sea of red and basically nothing else to see.
When I did finally turn it on was gobsmacked to see I was making money, mmmmm strange I thought.
As the day progressed it got better and better with the end result....
That's pretty good for a 'sell off Friday.'
I don't know exactly whats going on, but today Lithium stocks were smashed down to hell.
Apparently Goldman Slacks made some comment.......
"Lithium prices across the board have gone parabolic since the bull market kicked off in January 2021, but a bearish Goldman Sach research report — plus news that a China co is buying 6 lithium mines in Africa to feed automaker BYD — has brought it all to a halt… for now.
This is evident by the tumble roll in ASX lithium stocks we witnessed this morning – big boy Pilbara Minerals (ASX
LS) dipped ~15%, Allkem (ASX:AKE) dropped ~13.6%, Galan (ASX:GLN) ~14.6% and Liontown (ASX:LTR) fell around 19%.
The Goldman Sachs report, released earlier this week, claimed although the long-term prospects for the battery metals remains strong due to the rapid uptake of electric vehicles (EVs), investor enthusiasm has led to an oversupply."......
Anyhow, what I wanted to comment on, todays action on lithium stocks was so violent I suffered one of my largest daily drawdowns.
Now, it had me thinking, is this a top or bottom?
The way PLS.AX Pilbara Minerals behaved, it looks like a top, but it also looked very much like a capitulation bottom.
I took the opportunity anyway to snap up more SYA.AX Sayona @ 19.5c, I'd been waiting a while for this to drop into my lap.
Apparently Goldman Slacks made some comment.......
"Lithium prices across the board have gone parabolic since the bull market kicked off in January 2021, but a bearish Goldman Sach research report — plus news that a China co is buying 6 lithium mines in Africa to feed automaker BYD — has brought it all to a halt… for now.
This is evident by the tumble roll in ASX lithium stocks we witnessed this morning – big boy Pilbara Minerals (ASX
LS) dipped ~15%, Allkem (ASX:AKE) dropped ~13.6%, Galan (ASX:GLN) ~14.6% and Liontown (ASX:LTR) fell around 19%.The Goldman Sachs report, released earlier this week, claimed although the long-term prospects for the battery metals remains strong due to the rapid uptake of electric vehicles (EVs), investor enthusiasm has led to an oversupply."......
Anyhow, what I wanted to comment on, todays action on lithium stocks was so violent I suffered one of my largest daily drawdowns.
Now, it had me thinking, is this a top or bottom?
The way PLS.AX Pilbara Minerals behaved, it looks like a top, but it also looked very much like a capitulation bottom.
I took the opportunity anyway to snap up more SYA.AX Sayona @ 19.5c, I'd been waiting a while for this to drop into my lap.