ASX rocket flames out

The Aussie dollar is still struggling this morning:

Bonds are strongly bid though it’s not showing up on the chart:

The XJO rocket has flamed out for now:

Big Iron is seeing some profit-taking:

Big Gas has way overshot:

Big Gold is still being flushed. DXY is going to weaken next year so BTFD!

Big Banks have come off as well:

As Big Tech gets another blow into the bubble:

It’s all about yields at the moment. Up equals the value and cyclicals bid. Down equals the growth and tech bid.

Stocks can’t lose, except for this:

In my view, the US will be in an outright crisis in a fortnight as hospitals are overrun.

El Trumpo will have his revenge.

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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.