A lot of the shares that had been the market favorites of late wore the brunt of the sell off today with traders closing down positions quickly.
More Quotes from David Land:
Swift sell offs as we saw yesterday really show that no one wants to be left holding the bag, but movements like these are really indicative of the large rally the market has undergone and the feeling traders have that a broad price turnaround could occur,David Land
You need a high level of sentiment in position for traders to regularly pay higher and higher prices for stock, and we are seeing just that at the moment.
David Land
The added benefit from the traders' perspective is that the share buyback should create something of a floor for the price,
David Land
After starting on a strong note, the day turned into a bit of a fizzer by the close with positive moves from a number of resource stocks counterbalanced by negative movement from some of the big banks, and (insurer) IAG and (property developer) Westfield Group weighing on the market.
David Land
There was pretty consistent buying in a lot of areas so it would seem that a lot of traders were moving into stocks that they liked at a price they were happy with following the falls yesterday.
David Land
The remarkable thing about it is that the company has been in a spectacular uptrend and yet it constantly amazes with its ability to climb higher and higher,
David Land
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