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The Good Morning Report

Posted on August 15, 2023

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. Michael Burry (big short movie) - has backed the truck in on put options over the S&P 500 and the NASDAQ; he now has a notional exposure of $1.6bn, so if the market crashes he will make an obscene amount.

2. M&A still going on....Cleveland - Cliffs is making a US$7.3bn takeover play for US Steel.

3. Hawaiian Electric which is the utility that supplies 95% of all electricity to Hawaii, crashed 40% last night. The company chose not to deenergize their power lines as gale force winds and fire ripped through Maui, so are facing a massive class action. Only the super brave (or crazy) would be buying this stock.

4. Biden Administration is pressuring the Saudi Arabia to not sell OIL priced in YUAN....the establishment is starting to get worried about de-dollarization.

5. JB HiFi (JBH) sold $9.63bn worth of stuff last year up 4.3%...So much for those interest rate hikes.

ASX Market Update

ASX 200 down 63 points to 7277

JB HiFi posted a very impressive set of results as Aussies continued to spend like drunken sailors in their shops. Quite incredible really - seems like everyone is sitting on a bottomless pit of cash these days! Profit was down 3.7% as the cost of doing business increased. JB HiFi shares rose 2.75% on the news....I am still very cautious on the retail sector.

Random Observation

I cut the below from SilverSeek's weekly report....SILVER & PLATINUM shorts stick out like sore thumbs!!

The Day Ahead

  • Our SPI is down 12 points
  • Bitcoin down 0.5% to $29,280

Movements affecting our resource stocks today (USD)

  • BHP in the US down 2.1%
  • Newmont down 1.82%
  • Gold down 0.35% to $1939
  • Paper Silver down 0.47% to $22.63
  • Platinum down 1.1% to $904
  • Copper up 0.22% to $3.72
  • Brent Crude down 0.7% to $86.19
  • Iron ore down 2.4% to $100.25

Asian Market Update

Japan down 1.27%, China fell 0.37% and Hong Kong fell 1.5%

Demand for new cars in China must be falling....

Global Market Update

US Market

DOW up 26 points to 35,307

Michael Burry has placed a couple of giant bets that the US stock market is going to crash. He bought up put options on the market which carry a notional value of $1.6bn. It is not known what date his put options expire.

Big Short 2?

European Markets

Germans up 0.46%, Brits off 0.23% and Frenchies added 0.12%

Don't worry - the banksters have pinky promised they will never, ever, ever do something like this again!....These are the financial products that Michael Burry shorted before the GFC hit.

Key Market Summary

General Advice Warning
The information provided in this post is general information only. Unless otherwise stated the information is not designed for the purpose of providing personal, financial or investment advice. Any examples are presented for illustration purposes and past performance is not a reliable indicator of future performance. The information provided does not take into account your particular investment objectives, financial situation or investment needs.

Without limiting the generality of the above paragraph no person, persons or organisation should invest monies or take action on the reliance of the material contained in this post, but instead should satisfy themselves independently (whether by expert advice or otherwise) of the appropriateness of any such action. Unless otherwise stated the information presented is not a recommendation to invest in any investments, securities or financial products.

This service, like all other financial services, is subject to market forces and unpredictable events that may adversely affect its future performance. Whilst all care has been taken in compiling information in this post, and is provided in good faith, it is not to be relied upon as a substitute for professional advice. The views expressed are commentary only and the writer accepts no responsibility for the accuracy, completeness or timeliness of the information.

Super Equity Pty Ltd ACN 609 373 202 is a Corporate Authorised Representative 001238425 of ANDIKA Pty Ltd AFSL 297069. It should also be noted that references and hyperlinks to any third party information (including, but not limited to: news articles, blogs, reports, videos or other mediums of information) is not an endorsement of that party or product.

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