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.
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.
- Labor boots Fitzgibbon - November 10, 2020
- ANZ consumer confidence lifts out of GFC - November 10, 2020
- Daily iron ore price update (restocking) - November 10, 2020
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Macro Afternoon
Its a day of excitement across risk markets
ASX bath of blood turns gold rush
The Australian dollar is gapping higher this
Macro Morning
Stock markets stalled throughout the risk
Macro Afternoon
Its a day of retracement as expected across
This, punters, is the end of the ponzi
it is too close to xmas for most of the asx listed
the regain market confidence.
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 ..
You leave The Christmas Fairy alone!
a walloping
It goes like this:
Ring Ring, Hello Bert here
Ah Bert, this is the ANZ credit dept, there has been a bit of a sell off this morning
you trading account with us shows negative equity, IF you can top it up by 2pm aest
all will be good, top up say, 50 gorillas
or we can sell off your holding, to square the books. for today
?????
by 2 pm Bert could be saved by ‘bargain’ hunters
No the bank will factor the timing so that Bert just misses the bail out bargain hunters deliver
Be a good practical joke to play on (not so) friends.
Can only hope so…. when Afterpay and The Block represent Australia at our innovative best things are fvckn dire indeed.
New ways to create more credit. What’s not to love.
Surely what sound economies are built on?
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.
well if you must go broke, Kingscliff is the spot to do it.
Yeah I remember reading that story. Stuck with me it did.
Fooled plenty they did. How’s the audacity nominating and rocking up to the hedge fund awards night in HK? Classic!
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 …
Short report claims Seek’s “China #1 job site” is a fake. https://www.theaustralian.com.au/business/companies/seek-shares-hit-by-fake-post-claims-by-shortseller-blue-orca/news-story/9bfb8178feb07523934392e51c40afae
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).
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).