Big Iron is running again as Dalian adds a few points. BHP is leading up 0.7%, RIO 1.2% and FMG -2.3% getting the treatment following the Vale JV smackdown:
Why do I say BHP is leading? It’s chart is right at the verge of breaking out of a bullish ascending triangle:
As I wrote a month or so ago, BHP was probably going to get re-rated owing to its better mix of dirt than the other shovels. I still wouldn’t touch it with a barge pole but if it runs it might shape as a nice short given iron ore, coking coal and oil rallies are at risk in Q4 and Q1.
RIO has a much more neutral chart:
FMG may be setting up a double top, or not!
Big Gas is mixed with WPL -0.4%, OSH flat, ORG 1.8% and STO -1.7%:
Big Gold is pulling back after yesterday’s rocketship with NCM -1.6%, RRL -2.8%, IGO -2%, SBM -4.7% and EVN -2.6%:
Banks are also enjoying the old Fed softy with CBA 0.3%, WBC 1.1%, NAB 1.5% and ANZ 1%:
Avagoodweekend.
