Bear market rally warms up

The AUD is still pointing risk higher:

Aussie bonds have been hosed at the long end, representing a great entry opportunity:

Stocks have a neat little inverse head and shoulder pattern:

Dalian is soft:

Big Iron is running as it mistakes restocking for a new round of Chinese stimulus:

Big Gas is up too. I’m agnostic on oil now. The bottom is probably in as US rigs start to fall but you never know:

Big Gold is jumping. I called this rally in December as the Fed was clearly going to pause. But I think selling into it is the play as the ECB has to reverse even harder:

Banks are enjoying another dead cat bounce:

Big Property too:

I expect this rally to have some legs for a while. I’ll be selling into it.