The Australian dollar is holding up this morning:
Bonds are bid and close to break out at the long end:
XJO is down, down. Although not at new lows today it has broken support and looks headed lower:
Big Iron is down but not too bad:
Big Gas is in trouble as oil goes lower:
Big Gold is enjoying a Fed sniff. I don’t think this will get very far once the Fed doves up. The rest of the world is declining faster than the US:
Big Banks are still in free fall targeting European crisis and possibly GFC lows, other than CBA. You have to ask yourself is CBA really worth that enormous premium, its chart is equally ugly:
Big Realty is trying to hold up but it is forming lots of bearish descending triangle patterns that are also going to break in my view:
The ASX appears to be warming up for more pain.
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.
- Gas cartel “shitfuckery” - June 5, 2020
- Europe gets it together…temporarily - June 5, 2020
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