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The Good Morning Report

Posted on February 15, 2023

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. US inflation came in at 6.4% - slightly higher than expected.

2. Biden administration announced it is going to SELL a further 26 million barrels of OIL from its STRATEGIC RESERVE - this would be to counter Russia's decision to cut production by 500K barrels per day.....The draining of emergency OIL reserves to keep a lid on prices is not going to work in the long run...I remain BULLISH on OIL.

3. Star Group (SGR) hit another fresh all time low.

4. JB HiFi (JBH) is expecting a slowing of sales this half....Looks like Aussies are beginning to tighten their belts.

5. SQM research points to rents in Sydney rising by 29.6% over the past 12 months with BrisVegas and Melbourne up 24.8% each....Well done RBA - you guys have certainly screwed over a big chunk of the population.

ASX Market Update

ASX 200 up 13 points to 7430

Star Group (SGR) shares were once again the worst performer as it fell another 13.5% to a fresh all time low of $1.285. SGR's debt is now higher than it's market capitalization - which means bankers would be getting nervous -  so a highly dilutive capital raising is likely to be on the cards. I am going to continue to let this one go through to the keepers.

Just incredible how a pathetic board of lifestyle directors caused so much carnage by simply turning a blind eye....All they did was focus on this woke Net Zero/ESG nonsense. 

#NET ZERO = SCAM....CO2 emissions bringing on warmer weather is one of the greatest lies of all time; has everyone forgotten that CO2 is an invisible gas that creates the bubbles in soft drink, beer and champagne???

Random Observation

I cut this chart from ZEROHEDGE...The US now has the DOUBLE WHAMMY  of  record CREDIT CARD DEBT with an extremely low savings rate. 

Looks like a giant set of jaws ready to CHOMP the economy.

The Day Ahead

HUGE day of reporting: COH, CBA, CTD, FMG, PGH, TWE,WES, RBL, GUD, SGH, VCX, FBU

  • Our SPI is down 19 points
  • Bitcoin up 2.6% to $22,029

Movements affecting our resource stocks today (USD)

  • BHP in the US was up 0.31%
  • Gold FLAT @ $1865
  • Paper Silver FLAT @ $21.84
  • Copper up 0.7% to $4.08
  • Brent Crude down 1% to $85.69
  • Iron ore up 1.7% to $122.45

Asian Market Update

Japan up 0.64%, Hong Kong down 0.24%, China added 0.28%

Meanwhile the Bank of Japan continues to digitally print copious amounts of YEN to buy stocks in order to artificially prop up the stock market; but that's legal manipulation because the GOVERNMENT is doing it...Comprendo?

Global Market Update

US Market

DOW down 194 points to 34,058 (an hour of trade to go)

Stocks and bonds came under a little bit of selling pressure with inflation coming in higher than expected....No worries for TESLA - it rallied another 4.3% - squeezing the shorts again.

European Markets

Germans down 0.11%, Brits and Frenchies were FLAT

European stocks gave up some earlier gains once the higher than expected US inflation data was released.

Key Market Summary

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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.

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