ASX sickens on virus

David Llewellyn-Smith

Monday 22 June 2020

The Australian dollar is down this morning and is forming a possible bearish descending triangle:

It is also encouraging to see that shorts have almost all puked, opening the path to lower prices:

Bonds are bid:

As XJO pukes lower:

Big Iron is soft:

Big Gas even more so:

Big Gold is strong:

Big Banks have a whack head and shoulders pattern that could reverse the recent rally :

Big Chunt is hopelessly deluded as usual:

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.