McGrathmaggeddon clubbed anew

Dalian is selling today:

Big Iron is up anyway:

BHP and RIO are both pushing towards break out lines. RIO is right on it and if it can break through then $72 and $86 beckon:

The Big Gas re-rating continues as the disastrous Do-nothing Malcolm attacks AGL instead of the pensioner killers. No end in sight here:

Big Gold is still warm, I remain a seller here:

The Big Sleazy has rebounded but not more than the wider banks. Macquarie upgraded it to neutral today:

Big Liar sees McGrathmaggeddon clubbed anew as former star agents come out of escrow and can’t dump the stock fast enough:

What does that tell you?

Comments

  1. I took a short position CBA @74 and waaddoyouknow.. its tearing up and if it keeps this momentum it will hit my stop-loss within this week 🙁 … I will bite the dust!

    • Virus you have to be careful chasing a stock or currency down
      I think you’ll be right on CBA to $20/30 but that’ll be when house prices or banks get into trouble
      Cba might also find support at $70 as the think interest rates are goung lower in Aust over next 18 months so there will be a yield play

      • I think CBA is in long-term trouble, but the next significant leg down will be when their fines are announced. No idea when that will be, nor how big or small. Trouble with short positions is these things can take longer than you expect.

    • Short the AUD,
      Saying CBA is going to $20 or even the big 4 are going down the drain negates where interest rates will be in response.

      The AUD will be the whipping boy on the way down.

      • +1. House prices could crash in real terms but rise nominally.

        Macrovoices from a couple weeks ago suggested an end to petrodollar with China very soon to be pricing oil in gold. If that happens then the AUD short hedge may not play out well against a collapsing USD.

  2. And what is gold traded in? USD, it’s just a lot of hoops to get back to square one.

    I just don’t think it’s going to be or do what it is being portrayed as.

    • If you pay in gold, you don’t have to hold USD. If you don’t need to hold USD, the petrodollar starts to get shaky. If the US has to take back all the USD they printed, there will be rampant inflation as their currency collapses.
      The thing that has enabled the US to print to infinity and beyond was the petrodollar because countries HAD to hold it to buy oil, now… not so much.

      • I understand but,
        >Iran has been selling in yuan for years.
        >Russia and China have been trading in roubles / Yuan for years.
        >Brazil / Venezuela probably the same thing.

        Arguably the USD is “gold backed” for it can also be converted into gold.

        Its only gold backed when a barrel of oil = 2 grams of gold at which point the yuan in its entirety becomes “gold backed” by proxy.

        Certainly it affects USD but suggesting it’s over stated.

    • My previous post got deleted for some reason.

      Gold will also be traded in CNY. It has to do with US being in control of USD exchanges in terms of controlling trade and sanctions against the likes of Russia and Iran. If oil can be traded using gold (CNY by proxy) then US no longer in control of the oil trade and sanctions.