ASX bath of blood parts for gold

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The Australian dollar is firm this morning:

Bonds are selling but nothing like the US as we approach RBA easing:

Stocks have gone from a dire technical rollover to something more non-descript:

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Big Iron has bounced a little. I would buy this dip but I’m unsure if it’s over. We should have corrected deeper but, then again, mills often resume buying post-Golden Week:

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Big Gas is as fooked as oil:

Big Gold has gotten a corporate boost today as NST and SAR merge. Pleased to say we’re stacked with the former:

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Big Banks are still locked in their downtrend and, given the RBA is about to demolish the curve, may well miss out on much of any short-term rotation if curves keep steepening in fake stimulus elsewhere:

Still not much to recommend the local, post-profit-growth bourse.

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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.