You’re probably aware that the ASX is taking a battering today following the Fed’s sudden attack of the guilts over its free money policies.
Funnily enough, though, its utilities and materials taking the brunt of the storm:
That says to me only that there is plenty downside room for recent high-flyers to adjust over the days ahead (update: see here for the reason for weakness in materials).
The poleaxed dollar has provided little support:
It also looks poised to go lower if our macro ayletes can keep it zipped.
And there goes 5000: