ASX bath of blood

David Llewellyn-Smith

Thursday 25 October 2018

AUD is still copping it this morning but refusing to break to new lows:

Bonds are bid:

As XJO dips into a bath of blood:

Big Iron is hammered:

Big Gas a bit less:

Big Gold is mixed but solid in the circumstances:

Big Banks are clinging to previous lows:

Big Realty is free falling below them:

And the Big Tech bubble is busting:

The outlook for XJO is poor. It is expensive still and has lousy profits growth that is caught in a declining trend:

But hey, you gunna buy realty?

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.