The ASX is still as excited as a dead possum today:
The Australian dollar is more interesting, threatening a counter-trend rally with support around 76 cents holding and a double bottom in place:
The odds are pretty reasonable for a short term bounce. The USD now has to chop through the reality of tax reform problems beyond the exciting idea of them. As well, the iron ore and coking coal rallies could do anything from here, in my view, given the steel shortage driving both is going to get worse for another full quarter, Regardless of the underlying gluts for the bulks, Banana Man will be free to bid them skywards. Add La Nina and weather disruptions to supply in Q1 and boom!
If it happens it is a prize opportunity to get offshore given it is right into the teeth of a slowing China.
To wit, Dalian is stable at the open:
Big Iron is conspicuously ignoring the rally:
Killing pensioners runs on:
Big Gold is back but if the AUD rallies up then expect a correction:
Big Sleazy is still taking the RC hard:
And Big Scrotum is off hard as market darlings follow the NASDAQ lower. Domain has a nice downtrend:
Any AUD pain trade will not help the ASX!
