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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:
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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.
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And there goes 5000:
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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