ASX bear market rally dead or resting?

David Llewellyn-Smith

Friday 15 May 2020

The Australian dollar is still bid this morning:

Bonds too:

XJO has added back some of yesterday’s losses but its symmetrical tringle shows confusion:

Which it should be given it is trading at 18x forward with unemployment miles above the 1990 recession:

Big Iron is firm:

Big Gas tooL

Big Gold has life:

Big Banks are death:

Big Chint is meh:

We’ve gone nowhere for six weeks now. It has either run out of steam or it’s consolidating for a push higher.

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.