Has the ASX double-topped?

The AUD has held its gain this morning:

Bonds are sold despite weak wages:

XJO has formed a massive potential double-top:

Whether it is in force I can see arguments for and against. If the AUD keeps falling then that will be supportive for higher. But if those falls come from the looming iron ore correction then it won’t be!

Dalian has opened stable:

Ex-FMG Big Iron is going parabolic. BHP on oil and RIO on hot air:

Big Gas is down:

Big Gold keeps defying my pessimism:

Big Scum is falling as WBC goes ex-div

Big Puswad is still in denial:

Lousy bourse but hanging in.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.