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!

David Llewellyn-Smith
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