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The Good Morning Report

Posted on May 26, 2023

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. US AI chip maker, Nvidia surged 24% in frenzied trade on Wall Street. It put on over US$200bn in market value in just one session - to put that in perspective - that's more than what BHP is worth!

2. Germany is now in recession.

3. Treasury Wine (TWE) says its high end wines (Penfolds) are doing really well, but it's cheap stuff (Wynns, Pepperjack, Squealing Pig and 19 Crimes) is struggling. The stock rolled over 7.8% on the update to close at $11.76. At the moment I rate the stock a HOLD but it is one to watch if we get a big shakeout.

4. The bottom of the LITHIUM market was reached at the same time that Alkem (AKE), which is one of the world's biggest LITHIUM miners, decided to stockpile instead of selling. Prices have spiked about 40% since.....I hope mining executives of copper, platinum, silver, nickel, tin and zinc are paying close attention and are waking up to the fact the PAPER FUTURES markets are a SCAM.

5. Fruit and veg grower/wholesaler, Costa Group (CGC) held a pretty upbeat AGM yesterday. The stock managed to put on 6.7% in a miserable overall session - so that is a pretty good sign for the future. BUY

ASX Market Update

ASX 200 down 75 points to 7138

Our market copped a decent touchup as sellers took control. Resources fell 1.7% and Financials dropped 1.9%. We did not even get any relief with our GOLD miners which collectively fell around 3%. PMGOLD did hold up though and only closed 0.37% lower.

Random Observation

The GLOBALISTS are coming for EVERYTHING. Listen to this EVIL speech in the EU parliament from one of their brainwashed, useful idiots. She is basically calling for a CULTURAL REVOULUTION 2.0 and gets a standing ovation....Hyperinflation or rampant STAGFLATION would quickly see massive support for this agenda.....Laugh all you like - because I certainly am not.

 

Things can snowball very quickly....Remember Chairman Mao's Red Guard?

The Day Ahead

  • Our SPI is FLAT
  • Bitcoin up 0.3% to $26,343

Movements affecting our resource stocks today (USD)

  • BHP in the US down 0.69%
  • Newmont down 2.8%
  • Gold down 1.23% to $1940
  • Paper Silver down 1.74% to $22.83
  • Platinum down 0.28% to $1026
  • Copper up 0.83% to $3.59
  • Brent Crude down 2.9% to $76.09
  • Iron ore down 3.4% to $99.50

Asian Market Update

Japan added 0.39%, Hong Kong fell 1.9% and China dipped 0.11%

Hong Kong market is now down about 17% since the end of January.....

Global Market Update

US Market

DOW down 35 points to 32,764

It was all about AI overnight as Nvidia said demand for its special chips has basically gone crazy. Nvidia is now on the verge of joining the very exclusive US$1 Trillion in market capitalization club.

European Markets

Germans down 0.31%, Brits off 0.74% and Frenchies fell 0.33%

The German government went back and revised the first quarter GDP data down to negative 0.3% which means the country is officially in recession. 

Key Market Summary

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