ASX bath of blood floods into streets

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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:

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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:

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

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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:

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

Possibly a LOT more.

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.