ASX bath of blood floods into streets

The Australian dollar is approaching another 70 cents retest within its bearish descending triangle this morning:

Bonds are bidly:

Stocks caught the escalator up now the lift down:

Big Iron has cracked support though FMG is still flying high:

Big Gas is in free fall. My own view is that oil is in deep trouble again:

Big Gold is headed for its final necessary washout as it moved too far, too fast:

Big Bank dreams are sliding away:

And, finally, the buy now, pay later bubble, which is much more extreme than the Nasdaq, is deflating ex-AFT which is still to come:

More pain ahead as the North Atlantic virus and political crisis intensifies.

Possibly a LOT more.

David Llewellyn-Smith
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Comments

    • I would have agreed 5yrs ago, but fiat can be created in infinite quantities at the press of a button. The only challenge is to make the sheep believe there won’t be consequences.

      The Venezuelan stock has been a stand-out performer these past few years while the economy has been among the worst performing on the planet. Go figure ..

      • The rise of the celebrity fund manager: Good numbers are not enough to convince investors to part with their money.
        But a star manager and great communicator go a long way. Jonathan Shapiro

        On the GC they are known as influencers of the White Shoe brigade type
        Nearly all of them have gone broke
        Some down Kingscliff way, spectularly.

  1. NEW ZEALAND …

    Air New Zealand hands 935 international cabin crew redundancy notices as border restrictions continue to bite … John Anthony … Stuff NZ

    https://www.stuff.co.nz/business/industries/123235183/air-new-zealand-hands-935-international-cabin-crew-redundancy-notices-as-border-restrictions-continue-to-bite

    Air New Zealand is making around 935 international cabin crew redundant as New Zealand’s border restrictions continue to take a toll on passenger demand.

    The redundancies come at the same time an international industry lobby group has warned that airlines cannot slash enough costs to offset severe cash burn in order to avoid bankruptcies and preserve jobs next year.

    Air New Zealand chief operating officer Carrie Hurihanganui said the airline reduced its schedule in September as a result of falling passenger demand on international routes…. Read more via hyperlink above …

  2. I’m sitting on the sidelines waiting, waiting, waiting to put more back into the market. Second covid wave = more buying opportunities.

    Have to wait until after the election though! Otherwise I’m just gambling and I don’t do a lot of that, (I did put a bet on Trump yesterday for a bit of fun though).

    • The Traveling Wilbur

      Ditto. (Still pending on coughing up dollars for the Trump bet though.)

      Thinking of taking election ‘day’ off to focus on when to push in (if at all).

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