The Good Morning Report

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

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September 21, 2023.
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