The AUD is not doing XJO any favours this morning:
Absurdly, yields are up again as California announces a new lockdown:
XJO is up modestly today, much of the gain is yesterday’s shut down lift:
Big Iron is OK:
Big Gas is a valuation play:
Big Gold can’t take a trick even as DXY falls:
Big Banks are the other value rotation that they’re not very good value at 18-19x NTM:
Big Tech is fading:
Within a month all of Europe and huge swathes of the US will be shut down and slumped into double-dip depression.
Buy value on the inflation surge!