No doubt you remember that famous scene from Crocodile Dundee where a thug tries to scare Mick Dundee into handing over his wallet by threatening him with a knife. Mick casually responds by pulling out a mini-sword of his own and warns his assailant, ‘that’s not a knife. THAT’s a knife’.
I was reminded of that scene yesterday when the ASX 200 fell 2%. Many stocks fell by more than that, particularly those affected by the plunging oil price. Woodside (ASX: WPL) fell 4%, Origin (ASX: ORG) 5% and Santos (ASX: STO) fell 10%.