Big Iron is hanging on despite decent losses last night in London, helped by Dalian as it firms another few points at the open after last night’s gains. BHP is 0.6%, RIO and FMG flat:
Big Gas has clearly bifurcated with the established players of OSH and WPL off to the races despite average profit reports but down -1% apiece today while the QLD startups are in trouble again, both up marginally:
The split doesn’t make a whole lot of sense unless see it as rotations based on company performance instead of either the oil price or brewing contractpocalypse to which all are equally exposed. If that is true then the goodly pair are yet to discount coming oil price weakness and the badly pair are in for real trouble if it comes.
Big Gold continues to chop its way through the wood, with NCM 0.4%, RRL -3%, IGO 1.3%, SBM 2.4% and EVN flat:
We may not get a really good sell down until the Fed hawks up again.
It’s banks that are elevating the bourse today presumably as Fed fears eased overnight with all banks up around 1%:
Macquarie is clearly off to the races once more. It may even make a run at breaking its utterly terrifying GFC analogue chart:
