North Korea shoots down ASX

Break! XJO has just seen its symmetrical triangle break down the wrong way. It’s taken out the 200DMA to boot:

This clearly opens the way for lower. Thanks DPRK!

This should still lead absolutely nowhere in terms of North Asian conflict. Japan and US have requested a UN Security Council meeting. But we’ve yet to see Donald Trump’s stupid response to the DPRK’s self-consciously crazy antics so the way to play it may be to wait for that sell-off before buying.

Dalian is stalled:

Big Iron is down less than most:

Big Gas is hit:

Big Gold loving it. Still a sell for me up here:

Big Bubble is looking increasingly tarnished by Sleaze Bank which has sunk to another new low:

Big Spruik has rolled with the market:


Houses and Holes
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  1. It’d be handy to know what short positions Kim Jong Un holds if you were a military planner.

      • No doubt, but just as North Korean education was not considered the right thing for the sons of the Dear Leader, I suspect that their share portfolio is concentrated on securities outside DPRK rather than inside DPRK.

    • I reckon KJU is long gold! Doing very nicely for himself every time he presses the launch button.

  2. It really could be the greatest technical chart in history to go alongside the greatest housing bubble in history. Multi year double top, the second top formed by an outrageous head and shoulders, finishes the right shoulder with a whopper of a contracting triangle that breaks to the downside! ANZ forecast dwelling approvals tomorrow -5.6% and near the end of the downturn. I forecast down 10-30% tomorrow and on its way to down 75% plus from the peak. Chinese are gone, investors are gone, fhb’s are going to choose old dwellings over new.

  3. Most annoying thing for me about NK is that KJU is making a genius of my mother in law. I have had to listen to her mutterings about NK for 10 years and finally with the new Kim in charge they are bringing her mutterings to life. I’d never hear the end of it…. if she could remember šŸ™‚

  4. is it NK or is it Westpac not being able to send those toxic IO customers to other lenders and market can smell the next subprime crisis.


      Those lending ‘professionals’ that currently display the classic signs of emotional distress-rapid heartbeat, body wide perspiration, trembling hands and a cotton mouth-have every reason to feel poorly. The regulators who patrol the lending industry are over the perimeter fence and are advancing with purpose and a commitment to find the rogues.

      “Regulators have been concerned the amount of investor borrowing has been over-inflating house prices in Sydney and Melbourne, increasing risks of a hard landing.”

      And ( more worrisome)
      “There are also serious concerns about identity theft and forged documentation.”