ASX bubbles over

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.

David Llewellyn-Smith
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