Yes it is definitely looking like a bargain on some stocks and id definitely bringing on the mood of “the year ending sales” that happen during this period of the year.
The Australian stock market has been down for the past 2 weeks for various different factors like the Euro economies , Greece , The tax review in Australia , Super profits tax , and stock brokers taking in profits selling out parcels of shares before they head out for thier annual end of financial year holiday to some exotic location.
The big corporations and companies have brought their fight out in the open with the new super profit tax , by shelving projects and trying to get shareholders and company workers to oppose the Tax. Kevin Rudd does not look like he is step down on his tax stance and is ready for a fight. Watch this space as more unfolds.
Coming back to the market currently , i don’t see no reason why the australian market has been getting the jitters and rightfully should be performing well given our strong economy and potential from growing economies like china and India.
Given that this is just short term downtrend in the market , it is full of bargains and the current blue chip stocks an penny hopefuls are definitely looking like bargains at a “Year ending sale” or “Financial year stock take sale”
Some stock picks that looks like bargains at the moment or looks like a “STOCK MARKET YEAR ENDING SALE”
Stocks given below can possibly dip a bit further down or then just rise from here onwards .. but then its all up to timing the market “ which no one can do or guarantee, but these stocks are already looking good at the current prices today , so if you can get it cheaper,.Good luck to you.
Blue chips:
as of May 20 , 2010
BHP Billiton ( BHP ) $36.46 Today
ANZ BANK ( ANZ) $20.63 Today
Atlas iron ( AGO) $1.86 Today
NAB BANK ( NAB) $23.25 Today
RIO TINTO ( RIO) $62.10 Today
Leighton Holdings (LEI) $31.65 Today
FORTESCUE Metal group (FMG) $ 3.53 Today
Penny Hopefuls Today :
Macmohan ( MAH ) $0.51
Whitehaven Coal ( WHC) $4.36
Blue Energy (BUL) $0.175
Golden Gate petroleum (GGP)$0.025
Coppermoly ( COY) $0.093
Hill End gold ( HEG) $0.130
Austex oil Ltd ( AOK ) $0.135
