ASX bath of blood drains into bank rip
by David Llewellyn-SmithThe Australian dollar is pulling back a little from the overnight surge:
Bonds are firm:
XJO is holding:
Underneath the bonnet, however, there is considerable action. Big Iron is copping it:
Big Gas marches on:
Big Gold is bashed:
But Big Banks have launched as Australia’s virus victory percolates:
The financials index has very a bullish breakout chart:
And some relative value argument at 14-15x forward. Hardly cheap but relative value:
Not so Big Chunt:
ASX bath of blood is draining into a bank rip.
David Llewellyn-Smith
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.
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