Viewpoint: Bullish
RSG +14.89%: Phew! The Gold miner rallied today on news the Bibiani mine in Ghana had seen it’s mining licence reinstated, around 3 weeks after the local government revoked it.
WZR +8.89%: Released a quarterly trading update today and the trends remain very strong.
MM has been watching the BBUS slowly slip lower as equities continue to trade to fresh all-time highs, however we feel the time is nigh to establish a bearish position.
The Trade Desk (TTD US) operates a software platform that allows for advertisers to buy digital screen time on various formats and devices, its been the standout performer in our international portfolio even after suffering at the hands of rising bond yields.
Pointsbet is a sports betting platform that operates out of Australia and the US.
We have touched on independent investment platform Praemium in recent notes with the investment thesis fairly similar to that of HUB24 – the space has structural tailwinds and they have recently picked up a good acquisition that will help drive scale.
No change with the Korean KOSPI which is a standout on the charts, it continues to look set to make fresh highs which is a good read through short-term for risk in a similar manner to the US tech space but its rapidly approaching our target area.
MM increased our gold exposure last month as precious metals plumbed fresh 8-month lows with spot trading ~16% below its euphoric August high.
US bond yields continue to consolidate close to both their 2021 and 2-year highs, no surprise to MM although they are a tad higher than we called a few weeks ago.
Australian heavyweight tech name Xero (XRO) has now rallied almost 40% from its March low, a great illustration of cream floating to the top.
