I Recieved this letter pasted below today in my spam box or email as you may call it, and i was quite intrigued and smirky for different reasons. There does seem to be some truth in what they are saying ..but nto definetly in its own entirety. For one, i do not believe the boat will stop rocking just yet and nobody can predict when the yo yo will stop bouncing up and down.
But what we all do know that right now prices are really looking good at its current level, if you got some spare cash and willing to wait at least a year at a minimum to make some gains.
Right now the resources stock are just in a free fall and yeah there is some ripe pickings
my personal picks for the long term would be
CFE ( 0.560) – cape lambert iron ore, MGX ( 2.150) – Mount gibson iron,PLV (1.37 )-Pluton ,AGO (2.250) – Atlas Iron, CBH (0.115) CBH resources, NMS,BHP (36.46)BHP Billiton
HERE IS THE LETTER I RECIEVED
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Gains from the financial sector outweighed losses from energy and mining stocks today, helping the sharemarket close in the black. The All Ordinaries Index (XAO) put on 0.6pct or 31pts to 5069, while the benchmark S&P/ASX 200 Index (XJO) rose by 0.8pct or 39pts to 5026.
Weaker commodity prices dragged down resource stocks today, limiting the gains across the broader market. The materials sector closed down 2.2pct, as investors responded to weaker base metal prices. BHP Billiton (BHP) fell by 1.8pct or 68c to $36.47, while Rio Tinto (RIO) shed 3.7pct or $4.34 to $111.66. Gold stocks were hammered, with Newcrest Mining (NCM) tumbling 8.1pct or $2.15 to a one-year-low of $24.25, and Lihir Gold (LGL) falling 5.8pct or 14c to $2.27.
Meanwhile, Mount Gibson Iron (MGX) bucked the trend, thanks to positive profit results. The miner rose 0.9pct or 2c to $2.15 after announcing that annual net profit for the year ending June 30 more than doubled to $113.3m.
A sharp drop in oil prices led to a sell-off in energy stocks, with the sector closing down 0.9pct. Woodside Petroleum (WPL) finished unchanged at $51.50, while Santos (STO) lost 1.3pct or 23c to $17.00.
Strong profit results from the Bendigo & Adelaide Bank (BEN) gave a boost to the financial sector, which finished up 2.7pct. BEN gained 6pct to 65c to $11.41, while the Bank of Queensland (BOQ) jumped 7.6pct or $1.08 to $15.25. However a profit warning saw Babcock & Brown (BNB) slump 11.8pct or 80c to $6.00.
In economic news, the Reserve Bank has cut economic growth forecasts for the next year, but lifted inflation forecasts. �We believe that the Reserve Bank has laid the groundwork for a rate cut. But the timing and size of any rate move is dependent on economic data to be released over the next few weeks. If the next batch of economic readings are as dreadful as we have seen over the past month, then rates could be cut as early as September
Australian Bureau of Statistics data showed lending finance fell by 0.7pct in June. Lending commitments stand 29.6pct lower than a year ago � the weakest annual growth rate since records were maintained 23 years ago. �The significant slowdown in domestic demand and higher interest costs hasn�t just caused consumers to cut back on borrowing but also businesses. Business sentiment has weakened notably in the last couple of months. At 1631 AEST the Aussie dollar was slightly higher, buying US88.55c.
On the market overall, a total of 1.020 billion shares were traded, worth $4.660 billion. 557 stocks were up, 496 were down, and 317 were unchanged.