The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. RBA governor Michelle Bullocks said they/them has ruled out a rate cut before Christmas.
2. Japan’s Nikkei bounced a whopping 10.2%, which was the single largest point gain in history – This market is trading like a crypto!
3. VIX or FEAR index tanked 28% to a reading of 27 on Wall Street overnight…..It has now plunged 58% from the peak of anxiety a day ago.
4. US forces came under attack in Iraq (why are they even there???)….The situation in the Middle East is flaring up – BUY Energy stocks.
5. QLD premier Steven Miles is a full blown commie; he now wants to legislate to cap price rises at servos and establish a portfolio of state owned ones…..This clown is hell bent on destroying QLD – if OIL prices spiked, every servo would be forced to shut up shop. Viva Energy (VEA) and Ampol (ALD) should call the retard out.
ASX Market Update
ASX up 31 points to 7681
Woodside (WDS) shares fell 5% after announcing it is buying a so called clean ammonia and carbon capture project in the US for a ridiculous $3.7bn…..The board of WDS have completely and utterly lost their god damn minds after buying into this black hole of an investment just to keep our woke Industry Super happy – PATHETIC. And what’s worse, is these carbon capture projects have been proven beyond reasonable doubt that they actually harm the environment….Unfortunately the dividend will have to be cut to make way for this BS investment….I am keeping my BUY on the stock only because I’m very bullish on energy.
Time to go Chairman Goyder….Our corporate board rooms are full of weak, woke men who are creating hard times for society.
Random Observation
Smart move….All of Africa needs to go to a GOLD standard to stop rampant inflation.
The Day Ahead
- ASX futures up 7 points
- Bitcoin up 7.8% to $56,891
- BHP in US up 1.3%
- Newmont in US up 1.21%
- URNM in US up 0.55%
Movements affecting our resource stocks today (USD)
- Gold down 0.61% to $2429
- Paper Silver down 0.54% to $27.06
- Platinum up 0.6% to $921
- Palladium up 3.68% to $856
- Copper up 0.33% to $4.01
- Brent Crude FLAT @ $76.31
- Iron ore down 0.9% to $102.85
Asian Market Update
Japan roared 10.23%, Hong Kong off 0.31% and China added 0.23%
Unfortunately no joy for us with SILVER getting sold off again in China….The SILVER market is still firmly in deficit and prices are below the cost of production at most mines – so I have no concern whatsoever!….BUY ETPMAG
Global Market Update
US Market
DOW up 294 points to 38,997
US stocks bounced back a bit overnight as the FEAR index tanked….I’d be amazed if that is the end of the crazy price action. Nvidia rallied 3.7%, Apple dipped 0.97% and Tesla put on 0.88%
European Markets
Germans FLAT, Brits added 0.23% and Frenchies off 0.27%
I was very surprised that European markets basically escaped the huge volatility that hit Wall Street and Asian markets.
Key Market Summary
