The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Money flooded out of STOCKS, COMMODITIES and CRYPTO and poured into the largest ponzi scheme in the history of humanity – the US government bond market (at the moment the Federal Reserve doesn’t need to print more money to fund the US government because investors, who are in a frenzied state, are scrambling to lend the US government money).
2. Warren Buffet dumped 50% of his mega holding in APPLE….What a trade – he is the GOAT
3. The Japanese stock market suffered it’s biggest daily loss since 1987.
4. Shares in major US defense contractor Lockheed Martin have rallied around 20% over the past couple of sessions….It’s WAR monger fantasy land out there – which is good for our ENERGY stocks.
5. As volatility has spiked, the RBA won’t be increasing interest rates today.
ASX Market Update
ASX 200 down 293 points to 7649
With what was going on, I truly can’t believe that our financial index – the XFJ – only fell 5% – it should have collapsed at least 10%!….Investors are absolutely crazy paying massive valuations for our BANKS while hundreds of thousands of Aussies are loaded up to their eye balls in debt. AVOID FINANCIALS – don’t buy the dip in these stocks…..CBA fell 5.7%, NAB lost 4.63% and ANZ dropped 4.46%.
Random Observation
Surprised it took this long before we saw a major gutting….
The Day Ahead
Probably a good idea NOT to look at your portfolio today!
- ASX futures down 64 points
- Bitcoin down 9% to $53,687
- BHP in US down 1.8%
- Newmont in US down 3%
- URNM in US down 1.38%
Movements affecting our resource stocks today (USD)
- Gold down 0.83% to $2449
- Paper Silver down 3.74% to $27.33
- Platinum down 4.91% to $920 (Below cost SALE)
- Palladium down 5.27% to $836 (Marked down – everything must GO special!!)
- Copper down 2.45% to $4.00
- Brent Crude up 0.51% to $77.20
- Iron ore down 0.3% to $103.55
Asian Market Update
Japan crashed 12.4%, China off 1.54% and Hong Kong down 1.46%
No – it wasn’t a fat finger trade!
Global Market Update
US Market
DOW down 1033 points to 38,703
The VIX or the FEAR index spiked 64% to close at 38….At the peak of the anxiety last night, it rocketed up 182% to a reading of 65….What a night – definitely one for the history books.
European Markets
Germans off 1.82%, Brits dropped 2% and Frenchies dipped 1.42%
European stocks held up far better than what many traders would have expected considering the mega selloff in parts of Asia.
Key Market Summary
