Let clouds gather and the rain fall

John Addis surveys the landscape after yesterday’s falls and argues there’s no need to panic. If we’re lucky, things will get worse.

Yesterday’s 2% (101 point) fall in the ASX All Ords didn’t feature the white-knuckle panic of 5 Aug 11 when that index fell 4% in a day – and boy, doesn’t that look like a happy time now? – but the whiff of fear was there alright.

And why not? Had you been chasing yield, piling into blue chips like Telstra (down 3.7%) or ANZ Bank (down 4%), the sense of error, of paying too much for too little, would be a little disturbing.

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