ASX slaughter resumes

The Australian dollar is free-falling this morning:

Bonds are boom bid:

XJO is being slaughtered again:

Big Iron is down:

Big Gas ouch:

Big Gold is holding:

Big Banks slaughter:

Big Chunt yawn:

My base case for this correction is to wipe out all of May’s gains as the fantasyflation value rotation into banks etc implodes. But there’s a goodly risk that we could unravel completely from here as a toxic feedback loop of rising US virus cases, terrible recovery, falling Trump polls and a tax-hiking Biden come to bear upon weak retail hands.

Fight the Fed!