Rather predictably, the ASX has taken the opportunity of overnight falls in big iron ore to bid up prices this morning. Today it may be hopes of a falling dollar, or hopes of Chinese stimulus/restocking or hopes of an Elvis revival, I don’t know, being ceaselessly bemused by the willingness of Australian bottom-pickers to throw away money on these firms. But that’s the fashion so I’ll not stand in the way. BHP is down 1% with oil but RIO is flat and FMG up 2.5%. To the indexes:
The idiocy spreads have begun to close once more (notwithstanding today) and FMG has even reached a new high in sanity. Alas, the other two remain far below the processing power of a mosquito:
In juniors, BCI has resumed its plunge while the convergence at zero is scheduled for later this year:
