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The Good Morning Report

Posted on January 19, 2023

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. One of the largest homebuilders in the USA - KB Homes announced a 68% cancellation rate last quarter....things are taking a turn for the worse.

2. The BKI Investment Company (BKI) has started accumulating YanCoal (YAL)....they must have their eyes on the big fat juicy dividends coming up.

3. Ghana has done it's first GOLD for OIL transaction.

4. Saudi Arabia is now open to discussions about doing deals in currencies other than the USD....These kind of announcements are historic.

5. Bank of Japan kept interest rates on HOLD @ -0.1%....Yes that is a minus or a negative! The YEN digital money printer is running HOT.

ASX Market Update

ASX 200 up 7 points to 7393

City Chic (CCX) was the star performer of the session after rallying 16% to 64c. The rally was triggered on news that Brett Blundy, who has a bit of a gold finger when it comes to retail, accumulated a 7% interest. It looks like he has spotted some deep value as CCX has seriously bombed out: now down a whopping 90% from its $6.70 high back in October 2021....As I can't profess to be an expert in  plus-size women's apparel, footwear and accessories - I have never gone near the stock, but with Big BAD BRETTO getting involved, I think it is probably worth a punt. SPECULATIVE BUY is my new rating on the stock.

By the looks of it, CCX has some very exquisite frocks, but maybe Bretto's got some big ideas to spruce things up even further. Perhaps add some sequins; you know...a bit of bling bling - everybody loves a bit of bling!!....In all seriousness, I am sure these dresses get made for 2/5th's of bugger all and plenty of chics love them, so the company probably just needs to get put back on the right track... CCX is a turnaround/rescue play. 

Random Observation

Fat chance of electrifying the world...It was never going to happen - STAGFLATION is what's going to HAPPEN.

Hope you've got exposure to METALS!

The Day Ahead

  • Our SPI is down 22 points
  • Bitcoin down 2.1% to $20,927

Movements affecting our resource stocks today (USD)

  • BHP in the US up 1.35%
  • Gold down 0.25% to $1905
  • Paper Silver down 2% to $23.59
  • Copper FLAT @ $4.22
  • Brent Crude down 0.95% to $85.08
  • Iron Ore down 0.8% to $120.50

Asian Market Update

China FLAT, Hong Kong up 0.47%, Japan rallied 2.5%

Since November the IRON ORE price has bounced about 50% to US$120 per ton....Looks like the Xi Man has sent the heavies in to get prices back down; problem is - RIO, BHP, FMG, Vale and GINA have him by the short and curlies!

Global Market Update

US Market

DOW down 614 points to 33,296

US stocks rolled over as the market starts giving back the gains that kicked off the year....Microsoft announced it is punting 11,000 workers out the door - the stock fell 1.89%.

Have a go at the day in the life of the modern day TECH employee - little wonder they are now getting sacked en masse....Classic how TWITTER is running so much better since Elon took an axe to it.

European Markets

FTSE down 0.26%, DAX and CAC were FLAT

Very pleased to see the obviously diseased, peasant workers have their masks on while serving the ELITE Class. Trust their science OK!!

Key Market Summary

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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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