ASX bath of blood turns gold rush

The Australian dollar is gapping higher this morning on the Biden euphoria:

Bonds have sold a little too:

Stocks have broken out of their bullish ascending triangle pattern:

The recent month of value rotation is going into reverse as deflation returns with the Republican senate. Real assets are soaring. Big Iron is up:

Though Big Gas is down and is in trouble as the Iran oil gusher warms up for a return:

Big Gold to the moon:

The biggest victim is Big Banks which are wandering aimlessly without a steepening curve:

While growth is back with the tech bubble:

As the virus guts the Atlantic economies all over again, this time without enough fiscal support, we’ve returned to central banks and deflation assets with a bullet.