The Australian dollar is soft this morning:
Bonds are bid:
The XJO breaks above 6000 has anew high in it’s sights:
Big Iron is soft:
Big Gas lagging oil:
Big Gold is now outdoing the currency:
Big Banks are surging on earnings upgrades as economic outcomes appear better than feared. They’re not:
Big Chunt likewise:
Here’s the latest on valuations:
XJO is at bubble valuations. Banks too though have not gotten worse. Materials are still relative value. Industrials lol.
Somehow “irrational exuberance” doesn’t quite say it.