ASX bath of blood bubbles over anew

The Australian dollar is stable this morning:

As bond yields at the long end toy with break down:

XJO is down a goodly 2% and the uptrend line is well busted:

Big Iron is soft:

The bellwether of the bust, oil, is sending a clarion warning:

Big Gold is strong and even bloody NCM is threatening to break higher:

Banks have more than unwound Friday’s Wagyu/UBS pop. I still expect, at minimum, for the fake value rotation that lifted them in recent months to reverse:

Big Chunt looks like a fake Nasdaq, which is what it is:

Who knows if the robots and Robinhooders are finally exhausted. All I can say is that there is no doubt that they should be.

David Llewellyn-Smith
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