Fed hands ASX a dead cat

AUD is down during the morning after the big spike:

Bonds are bid again:

XJO is up meekly:

Big Iron is up and away. I still think RIO is fundamentally well positioned and hope that head shoulders top dissipates!

Big Oil is up, wrongly. OPEC looks ever more snookered by Kashoggi meaning oil must go lower to cap US shale:

Big Gold may get a run for bit on the a softer DXY. Then again, it’s hardly collapsing:

Big Banks are getting more rubbery pussy action as yields fall:

Big Realty too:

It’s your classic dead cat bounce.

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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.