ASX surges on oil stupidity

David Llewellyn-Smith

Friday 3 April 2020

The AUD is up as usual in Asian trade:

Bonds are pulling back on oil:

XJO is up:

Tracking Big Iron which still looks like a sitting duck:

Big Gas is running with El Trumpo’s oil rumourtage. His mates no doubt front ran the supply cut drivel:

Big Gold is yawning again:

Big Banks are falling. It’s Friday after all:

Big Realty has a bit of reality today:

The entire bourse still feels like it’s pre-virus to me. Running on greed and hope as the future collapses.

It’s nowhere near capitulation.

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.