"Ballistic"

"The sharemarket clocked up its 10th consecutive quarterly rise on Friday, giving another strong lift to superannuation returns after a dramatic week of record gains. By the quarter's end, the local bourse was 8.9 per cent higher than its 4229-point close on June 30. "I don't think anybody thought the market would be this strong for this quarter," said Investors Mutual fund manager Jason Teh. "It has gone ballistic."

"This has been the longest consecutive stretch of gains since the 11 quarterly rises leading up to the 1987 stockmarket crash. In 2 years since March 31, 2003, the All Ordinaries index has gained 61.3 per cent.
"The last week has been ridiculous. It seems like a wad of money is just flooding into the market, I don't know where the money is coming from," Mr Teh said....

"One of the themes in the market at the moment has been a liquidity push," he said. "That and the fact people have been getting more comfortable with resources. Brokers have been upgrading iron ore and commodities forecasts on the back of the China story." Since the removal of News Corp from the ASX 200 earlier in the month, "People have been selling News Corp and ... re-weighting their funds back through the market."

Shane Oliver, head of investment strategy, at AMP Capital Investors, said the underlying rising trend in Australian equities was very strong. "While the risk of a short-term set back remains, any weakness is likely to be minor and should be used as a buying opportunity, as Australian shares are likely to continue providing good returns on a 12-month view," he said. "Thanks to strong profits and low bond yields, Australian shares are still cheap, profit growth remains robust, strong growth in China continues to augur well for resource shares, we are yet to see the sort of investor euphoria that normally characterises major share market tops and the underlying demand for shares is strong at a time when the supply of shares is actually contracting."
http://www.smh.com.au/news/business/ballistic-market-lifts-super-returns/2005/09/30/1127804659123.html