Big iron struggles to see the light

Friday, 22 May 2015

The big miners took off this morning at the open but have been selling all day and are now flat with FMG down 1.5%. There’s not much reason for anything else. To the indexes:

Idiocy spreads are still closing:

Juniors are falling too with BCI now down 25% since it perched itself in cross-hairs several weeks ago:

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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.