ASX lift closes Australian stupidity discount

The Australian dollar is still soft this morning:

Bonds are bid out the wazoo:

Sometimes the Australian stupidity premium can make a few dollars. XJO today is an example. After yesterday’s end of quarter sell down has the crack-juiced trader-children back in the saddle:

In truth, XJO is down 28% versus SPX at down 23% so there is some wriggle room for the stupidity discount to narrow.

Big Iron is leading, to where nobody knows:

But that pales next Big Gas, the single most fucked sector on then planet, which is bid into thin air:

Big Disappointment looks more likely to break down than out:

Big Bankss are down:

Big Realty is still far too high:

Because nothing says buy like zero revenue.

Share

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.