Macro Afternoon

See the latest Australian dollar analysis here:

Macro Morning

Stock markets are somewhat mixed throughout Asia, with only Japanese bourses dragging the chain as the USD continues to strengthen against all the major currencies.   Bitcoin has stalled again after its fightback yesterday while gold looks set to capitulate below its recent lows, slump to the $1860USD per ounce level:

The Shanghai Composite was down at the start of the session but has regained firmly in the last hour, up 0.5% to 3363 points while in Hong Kong the Hang Seng Index has flopped the other way, losing 0.4% to be at 26431 points. Japanese stock markets remain in retracement mode with the Nikkei 225 off 0.4% to 25634 points while the USDJPY pair is decelerating in its own retracement, still below the 104 handle but not making new session lows:

The ASX200 was able to absorb the latest unemployment print without much concern, raising 0.2% to 6547 points while the Australian dollar slipped slightly on the result, heading back to its mid week level at 72.80 against USD:

Eurostoxx and S&P futures are again lacking momentum as seen on the four hourly chart of the S&P500, with price now retracing back to last Friday’s low spot at the 3565 point level as the October highs continue to act as strong resistance:

The economic calendar includes US continuing jobless claims data plus the latest existing home sales print for October.

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Comments

  1. To quote Biden in March:

    “A wall will not stop the coronavirus.

    Banning all travel from Europe — or any other part of the world — will not stop it.”

    • Oh goodie – we are playing random quotes game

      Trump to Woodward:
      “You just breathe the air and that’s how it’s passed,” “And so that’s a very tricky one. That’s a very delicate one. It’s also more deadly than even your strenuous flu.”
      “This is deadly stuff,” the president added.

      Trump to the public a week after that interview: “within a couple days is going to be down close to zero.”

    • Propagandhi – as usual – incredibly f:cking apt and way ahead of events

      “Victory Lap”

      When the flames engulfed the home of the brave,
      The stampede toward the border was in vain.
      Faces palmed, faces paled
      As the wall they said would make them great could not be scaled.
      When the free-market fundamentalist steps
      On a roadside bomb outside Kandahar bleeding to death,
      I swear to Ayn Rand
      I’ll ask if he needs an invisible hand.

      You say not all cops. You say not all men.
      Yeah you insist it’s only 99%.
      There’s nothing new for you to learn.
      Ok, sit back, relax and watch it all burn.
      The colossal waste of energy:
      Talent upon the talented, freedom upon the free.
      This whole damn beautiful life
      Wasted on you and me.

      God are you there?
      It’s me, in the denim jacket.
      Are you receiving my prayers through the noise and cosmic static?
      God are you there?
      Can you confirm I’m on the right goddamn planet?!

      The day the rapture came, a forgettable event.
      The clouds, they opened up and not a single person went.
      To the chromatic whistle of a carousel calliope
      Stomp the citizens of our clown idiot dingbat society.

      Stomp

      – worth Googling them if you’re not familiar with them and are into metal-punk-heavy rock. Epic stuff the last few albums – they just get better

      • The Traveling Wilbur

        It’s the twenty twenties Mig. You’re not allowed to express yourself, unless you’re a woman.

        Boom. Tish.

        More seriously, that actually happened to me at work today.
        In thinking about said events I was reminded of my (much) younger self thinking: but if all the ladies [I was very very young (and in another country at the time)] go to work, eventually all the guys [it was NZ] will just start doing at work what they do at home and when they’re asked things like “and what do you think about… ?” say nothing just to avoid as many pointless conversations and inevitable arguments as possible. As I said, I was very very young and I was immediately castigating myself for such sexist thoughts. True story.

        So it’s taken this long to get to that point, after all. Much longer than my younger and apparently smarter self thought it would take. In my defense I had a spelling test the next day and was a bit preoccupied.

  2. Afghanistan war crimes report released by Defence Chief Angus Campbell includes evidence of 39 murders by special forces
    https://www.abc.net.au/news/2020-11-19/afghanistan-war-crimes-report-igadf-paul-brereton-released/12896234

    “Moral authority is an element of combat power.

    “If we do not hold ourselves, on the battlefield, at least to standards we expect of our adversaries, we deprive ourselves of that moral authority, and that element of combat power.

    “We are all diminished by it.”

    He made a good point. If these guys were out there whacking unarmed and innocent civilians then they deserve what they get.

    But

    The politicians who sent these guys off to fight in Afghanistan and Iraq in 2003, for what has been shown to be no reason at all, and have kept them there ever since. Where is their moral authority? Why isnt a politician of the era stepping up to state ‘We shouldn’t have had those guys there, and we shouldn’t have been putting them in the situation to be anywhere near combat, and we did that as representatives of the people of Australia’

    it was all so easy to agree to send them in.

    • This has always been a problem, my Great Uncle was a young officer at El Alamein and Balikapapin and told me what troops would get up to if discipline wasn’t always enforced. The officers of these troops have serious questions to answer, it is part of their training to watch for and recognise this behaviour……it can’t happen without their connivance.

      • It’s not the things that we were ordered to do that haunt us, it’s the things we did that we weren’t ordered to do that keep us awake – was a theme from a lot of old WW2 soldiers from all lands that I knew in the Cross in the 80’s. Echoed by Korean & Viet vets. The dead eyed mercenaries hanging out there not so much bother – they were the ones who would open up at times with relative equanimity & tell you what most others rarely did.

        • boomengineeringMEMBER

          Sitting next to the future workmate on the plane to Lihir who was really pssed because we got sent to Lihir instead of PNG highlands where he could have had a couple of native shootings under his belt to keep up with his USA military mates fighting alongside in Afghanistan..

          • Lmmao … yonks ago I looked into working as head of security for some PNG gold mines … then after some digging found out what you just said.

    • When you sign up to the military you don’t really get to pick and choose where they send you. You also don’t get an attached pass if you choose to shoot unarmed combatants or civilians.
      Nothing to do with the degenerates in parliament.

    • I have – a long way back and in the service of another country – had a measure of Spec Ops exposure. The ‘pointless war’ excuse never cut it, since every war not fought on your own soil meets that description.

      But the point really is this: bullying disarmed civilians is not soldiering and certainly does not require Spec Ops training – any thug with a weapon can do it, witness most of 20th century Africa, and ongoing. Going toe to toe with Russian Spetsnaz / Cuban Black Wasps within spitting distance of the Lomba River is another story from another time and not something the current crews would be so casual about.

    • Accountability should flow upwards….If there is a culture problem, look upwards, not at floor level…But hey, those at the top , can shuffle paper and morals like demons, and shuffle it down.to the lowest levels resulting in PTDS like no ones business….Be Leaders, own up to your failures….piss poor effort at leadership levels..

      • Exactly, but reading the comments from the inquiry they are giving the officers a pass, already making excuses for them. as per chilcott in the UK it will be only the enlisted who are punished.
        “There is a class war and my class is winning it” warren buffet

    • Inquirys like this mostly serve to re-assure the public that sending soldiers off on these expeditionary wars is fine , only bad guys get killed , and if innocents are killed its because of a small minority of criminal types in the lower ranks.
      Just a moral sap to the public.
      Australia refuses to take real responsibility for its own defense and the side effect of this is the current SAS scandal, small price to pay i guess for the billions they save in defense spending.

    • Someone ElseMEMBER

      Aussies have never been good at taking prisoners. From Breaker Morant, through the Aussie vs Prussian grudge killings of WW1, the Pacific War, Korea, Vietnam, etc. It’s cultural and has been so since day dot.

  3. How America’s ‘Culture of Hustling’ Is Dark and Empty

    Results-obsessed perspectives overlook meaning — and leave little room for creativity, pleasure, or accepting the importance of sadness.

    One of America’s worst crimes, according to cultural historian and social critic Morris Berman, is the cultivation of a “culture of hustling.” Hustling—the surrender of everything to market forces and the sacrifice of life to consumer culture—is an energizing and often enriching enterprise, but it is ultimately empty, depressing, and destructive.

    https://www.theatlantic.com/health/archive/2013/08/how-americas-culture-of-hustling-is-dark-and-empty/278601/

    • Also statement from doterra:
      “Following recent blah blah blah we’re dumping Petey boy blah blah blah

      While we celebrate diversity in our community blah blah blah”

      Yeah. Some kinds of diversity. The nice kinds.

      • The Traveling Wilbur

        Oh dear. Now I’ve conflicted myself. It’s like they’re a reverse Disney. And they’re both wrong in so many ways.

        https://youtube.com/watch?v=2jJjpJlEUhM

        Posted as a reminder of how memory masks what things were really like ‘in the day’. It’s worth watching from the beginning. Only takes a couple of minutes.

        Between this and the SBS East India Company docco earlier tonight I may need to rethink my attitude to all those corporates-as-government comments on here.

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