ASX bath of blood sloshes over

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The Australian dollar is down this morning and in serious jeopardy of taking out the lows. It briefly hit four-month lows

Bonds are bid:

XJO is levitating as US futures sink:

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Big Iron is stable:

Why Big Gas is bid is beyond me. It’s right in the path of a Mac Truck:

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Big Gold is at crucial support. Odds are it’s going to break:

Big Banks are falling as well:

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Big Bubble still hasn’t burst but it’s trying:

XJO is a cork in a storm. We may have the virus advantage but profits are still down more here than anywhere else and valuations extreme.

If global markets break then so will it.

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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.