Still waiting for the worm to turn

Still waiting for the worm to turn

The oil price is up and the gold price is down. The Metals and Mining Index is in a downtrend. The market continues to be in a quagmire rather than following typical seasonal trends. That means we may have to wait a while longer before this bear market turns, but with a number of charts breaking downtrends last week, maybe the recovery is closer than one might think. Interestingly, companies are still managing to raise money even in this subdued market. Brokers need to do deals to keep the door open.

Politics is a mess both domestically and internationally. The electorate has lost confidence in the Labor Government, but it seems insulated from accountability owing to the lack of teamwork between the Liberals and One Nation. If they only worked together, they could swing the next government back to the right.

As I suggested a few weeks back, Trump's MoU was a desperate attempt to make people think he had a deal with Iran. So much for that. Like so many juniors that announce MoUs it was not worth the paper it was written on; and so the war goes on.