ASX bleeds into spreading pandemic

The Australian dollar has opened sharply lower this morning and is forming a short term bearish descending triangle pattern:

Bonds are bid:

Stocks are down modestly:

Big iron is hanging on:

Big Gas is up a tick:

Big Gold is the same:

Big Banks haven’t fully realised that the value rotation is cooked:

Big Chunt is blah:

S&P futures are down much harder than this hopium. A new and disquieting narrative is abroad. More virus is coming. Trump is going to lose because of it. Biden will hike corporate and wealthy taxes, double minimum wages etc. Why own stocks?

Mwahhahhaaaaa….

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.