ASX bath of blood sprays in all directions

All those long only equities managers calling buy the dip are being minced again today. The Australian dollar is down hard again:

Bonds are bid bigly:

XJO’s bath of blood is hosing everything, gapping down 8%:

And the damage is still not priced.

Big Iron is down:

Big Oil too:

And Big Gold:

Big Banks are slaughtered:

CDS was at 109bps Friday, worse today no doubt:

Big Realty has far, far yet to fall:

More pain ahead.

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super which is very conservatively positioned for coronavirus risks including a falling Australian dollar, so far falling just 0.7% through mid-March versus -32% for the ASX200:

If you’re interested in the fund, contact us below.

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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.