The ASX is flat flat today, sitting right at the bottom of a scary descending triagle:
Dalian is down again:
Big Iron is mixed. BHP approaching break out:
Big Gas and the pensioner gouge roar on:
Big Gold too:
The Big Sleaze can’t stop falling.
Perhaps Narev has to go?
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.
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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Macro Afternoon
Stocks are tanking across the region in response
Stocks tank
JPM with the note on what's irking stocks. In
Grantham: Superbubble about to burst
From the always excellent Jeremy Grantham at
Daily iron ore price update (hot money blowoff)
The ferrous complex is blowing off as hot money
Is the AUD/USD a bit over cooked ??
Look at that price earnings ratio for CBA! Starting to look like good value.
I mean, even if they receive a $1 billion fine……….
betcha they settle out of court..$200m. max is my guess….any further offers??
$100m election funding for the libs.
A cynic would say there’ll probably be a strong (PPT) bounce to 5720 or more tomorrow just so that the 200DMA break doesn’t get confirmed on the weekly.
The AUD/USD is definitely not over-cooked ………… going to 83 – easy, peesy = US$ not reacting upwards to geo-political risks, as it did in the past = negatives in US surpass *safe-haven* attributes.
CBA looking very good value … to 90 after 12-18 months.
BHP now largest market cap stock = positive for XJO = Iron ore, petroleum, coal, gas, copper, lead, zinc = all continuing in their major medium-term uptrends = no mistake about that.
dxy = whoosh
Perhaps Narev has to go?
Or scomo has to go