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The Good Morning Report – 9th November

Posted on November 9, 2023

The latest market news, commentary and strategy by Adrian Rowney 

 

5 Things that Grabbed my Attention

1. Ramsay Healthcare (RHC) on the move...reiterate my BUY recommendation.

2. Interest payments on US government debt is now tracking at over $1 Trillion pa.

3. China could be on the verge of restricting some exports of rare earths.....Best pure play exposure is LYC, but don't forget about ILU and XMET.

4. Endeavour Silver (listed on NYSE) reported it's all-in sustaining costs of US$29.64 per ounce which means they are paying for the privilege of selling their SILVER to the market.....Surging production costs will eventually be massively bullish for SILVER; BUY ETPMAG

5. People's Bank of China (PBOC) bought another 23 tones of GOLD in October....Meanwhile Aussie GOLD miners can't get it on the plane fast enough in a race to swap it for fiat currency printed out of thin air!

ASX Market Update

ASX 200 up 18 points to 6995

I get the feeling a wave of money is going to find its way back into the healthcare sector after a couple of months of getting stomped on. Ramsay Healthcare (RHC) + 3.9% is now showing some signs of life - it's probably my top pick in the sector at this stage.

....I also like SHL, RMD, ANN & HLS to name a few.

RHC chart - I don't see any real resistance on the stock until around $64, which was a previous support level. BUY

Random Observation

PLS is the most shorted stock on the ASX - almost 17.5% of shares have been sold short. Traders are betting that the share price will tank. If PLS does the opposite and goes up, they will lose.

The Day Ahead

  • Our SPI is up 9 points
  • Bitcoin up 1.3% to $35,261

Movements affecting our resource stocks today (USD)

  • BHP in the US down 0.8%
  • Newmont down 4.45%
  • Gold down 0.76% to $1958
  • Paper Silver down up 0.67% to $22.74
  • Platinum down 2.74% to $873
  • Copper down 1% to $3.63
  • Brent Crude down 2.46% to $79.57
  • Iron ore up 1.1% to $124.40

Asian Market Update

Japan dipped 0.33%, China off 0.16% and Hong Kong fell 0.58%

Interesting to point out that ASX listed LITHIUM miners held up yesterday despite more pressure on LITHIUM futures in China....

Global Market Update

US Market

DOW down 60 points to 34,093 (with an hour to go)

Stocks were mostly FLAT in the US... OIL prices fell another 2.7% as traders predict demand is going to drop, plus market now considering the war in the MIDDLE EAST will be contained.

European Markets

Germans up 0.51%, Brits off 0.11% and Frenchies added 0.69%

Draped in GOLD and Jewels, the King talks about bringing down inflation for families.....What a CLOWN show....He should count himself lucky the people aren't storming the palace and ripping him off the throne

His speech would sit nicely in a Monty Python skit; producers could just edit it with some background laughing after each sentence.

Key Market Summary

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Without limiting the generality of the above paragraph no person, persons or organisation should invest monies or take action on the reliance of the material contained in this post, but instead should satisfy themselves independently (whether by expert advice or otherwise) of the appropriateness of any such action. Unless otherwise stated the information presented is not a recommendation to invest in any investments, securities or financial products.

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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