ASX bids again on value rotation

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!

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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.