The Good Morning Report

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1.US government bonds continue to sell off with the yield on the 10 year hitting the highest since 2007. (when bond prices fall the yield goes up)....Money is getting expensive and will stay that way for the foreseeable future.

2. Nickel prices just hit a 52 week low....Completely insane considering inventories are basically non-existent.

3. Ex Congressman Stephen Buyer was sentenced to 2 years for insider trading - there's another 20 or 30 of them that should be joining Stevo behind bars with Pelosi the worst offender.

4. Biden says that depleting the Strategic Petroleum Reserve is on the table in order to bring oil prices back down.....Dangerous game he is playing.

5. Lithium prices in China fell another 5.5% - hard to get a read on this market at the moment.

ASX Market Update

ASX 200 down 33 points to 7163

Our market continues to chop around as neither the bulls or bears manage to secure the upper hand....It was nice to see Stanmore (SMR) rally another 3.17% to $3.58 which is not far off all time highs. SMR is now up about 43% since July - so I guess you can see why I have been banging on on about it....Giddy up - we will be in blue sky soon!

###Blue sky is the term used when a stock breaks through to fresh all time highs.

Random Observation

Nickel prices down 35% since December while inventories have collapsed 84% over the past few years....LME is a SCAM market; baffled as to why mining executives play along and accept these prices when they could end it in a day by imposing a boycott. It's getting beyond a joke. 

The Day Ahead

  • Our SPI is up 24 points
  • Bitcoin FLAT @ $27,149

Movements affecting our resource stocks today (USD)

  • BHP in the US up 0.17%
  • Newmont up 1.81%
  • Gold up 0.46% to $1962
  • Paper Silver up 1.1% to $23.72
  • Platinum down 1% to $938
  • Copper up 0.3% to $3.75
  • Brent Crude down 0.88% @ $93.49
  • Iron ore up 1.6% to $122.10

Asian Market Update

Japan down 0.66%, China off 0.52% and Hong Kong fell 0.62%

 

Yep...Singapore has been the big winner since Xi Man took control of Hong Kong not long after the Wuhan Wheeze started spreading (The taking of Hong Kong was one of the most brilliantly executed plans of all time - Xi did it so easily, and even to this day no one really talks about it.)

Global Market Update

US Market

DOW down 76 points to 34,440

As widely expected the FED kept interest rates on HOLD, but Jerome Powell indicated there may be another HIKE before the year is up....Instacart shares fell 10% - those chasing the hype would be regretting their decision already; I think the stock is headed much lower.

European Markets

Germans up 0.75%, Brits added 0.93% and Frogs put on 0.67%

UK PM Rishi Sunak confirmed plans he is delaying the ban on the sale of petrol cars until 2035 - an extension of 5 years...I keep saying it, but Toyota is playing the best hand by not going all in on EVs....BUY PLATINUM (needed to make catalytic converters).

Key Market Summary

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