Apocalyptic visions as traders lick their wounds

It was the day the angel of death walked among the share portfolios. As the market plunged more than 7 per cent, there was panic among day traders and more than a few apocalyptic visions.
"Slaveman" posted on the HotCopper website: "It doesn't stop here. The US IS going into a depression."
"Vayama" on the traders' site Top$tocks.com.au says: "The darkest day in my two-year tenure on the ASX. Thirty-two per cent of my profits wiped in two days and maybe more to come."
"Tavius", on the same website, seemed undecided about whether he or she was in need of financial or emotional counselling. "I knew things were going to get worse so I waited and waited for a rally or bounce to sell into the last few days but none eventuated. I'm seriously beginning to understand what drove some in '87 to do what they did."
"HayMaker" responded: "Do what they did? Invest in property?"
"Roville" had a slightly more humorous take on the unfolding slump on the site HotCopper. "[My wife] would like to go to Port Douglas for a few days next time we are here, [I] explained the way the ASX is at the moment, only port we will see is the Penfolds variety at the liquor store."
"Gusrox" shared in the gallows humour: "If my super fund goes any lower I reckon Kevin will let me take it out early in cash when it reaches the 'too low to be of any real value' mark."
"Flurry" made the astute observation that share price falls were not where the real pain lay as the market fell, but with investors who had borrowed to invest.
"Where this is really hurting people is in the leverage."
Vayama posted some figures about the experience of a margin call. "Those margin calls kill. My margin loan was before today … 13 per cent of my portfolio value. I phoned ANZ about being out $4000 and they said: 'Sell some of your BMN' [Bannerman Resources]."
Some traders also cautioned that big hedge funds were "shorting" the market, or making money by share prices falling. "A lot of posts on HotCopper are designed to increase panic and fear, as the shorters make massive profits off panic and fear … At some stage people have to turn around and realise BHP at $31 and Rio at $100 is a massive bargain," Wilson said.
Across the sites CommSec had more than a few blasts about the temporary crash of its site as day traders rushed the exits.
And everywhere was the drumbeat of the day trader: why were their particular companies getting smashed when their company had such unrecognised potential?
"Rossenbos" on Top$tocks.com.au said: "Short-term players and traders will need to up their game, maybe learn some new tricks. The bull run we had for years is over."