Today is an unofficial holiday today in Australia - tomorrow is Australia Day (yay!) which is a holiday, so it goes without saying that most people found a way to take today off and have a 4 day weekend.
Markets no different - volumes less than average on the SPI and cash. Hard day to trade or get into - the flow just rigid and snoozy.
Started with a bit of a fade rallies, yet the Nikkei and US futures were positive (lockstep too). We sort of moved with them, but it was erratic till 11am when the Nikkei cash opened. The Nikkei pulled back (the US not so much) and we were off highs by about 10, perhaps anticipating the Nikkei.
It took about 25mins, but the Nikkei eventually found a bid and stayed positive, moving higher. We returned to a crucial level (for the second time) - and often that signals a reversal of the flow for the rest of the day.
We rallied to new highs, reflecting the Dow and Nikkei strength. As expected (no reason) we faded that after lunch, going it alone. The Nikkei remained about 0.5% stronger, the US futures about 0.25%. Correlated to that the $AUD up 0.3% and the AUDJPY 0.2% - same old same old. Gold futures were a bit up and down, silver stronger up 0.4%. BTC was down over 3% at one stage, yet drifted back, and by about 3pm was positive. Just - faded since to -$150.
Active were happy to buy.
Passive drift all day, reversing on the 4pm retail close (get back in line with the US futures).
Looks are deceiving - this was a two move spurt, then siesta.
Hong Kong up 1.6% at one stage - the stand out. Just an observation.
Listened to Mike Green and Nic Carter today - good discussion. Grant Williams moderated. To me Mike made strong points, which Nic had a response too - yet Mike needed more detail. Philosophically or theoretically, yes makes sense, but it needs some facts to back up (like the $ value of Chinese influence or other state actors). They agree mostly about Tether - yet Mike believes it supports the price of BTC v Nic no. Facts would help - should be possible?? Anyway, worthy of a discussion. He (Mike G) is debating Pomp on RealVision which will be good. Nic was polite and is quite educated and knowledgeable, yet to me Pomp isn't at the same depth.
The ASX has a holiday tomorrow. I will be around in between doing stuff.