Big and gas are off to the races as the Fed has indicated it will take the recent tightening in financial conditions into account at its next meeting. That is, it is now on pause. BHP is up 6.5%, RIO is up 6.8%, FMG is up 7.4%:
With everything hugely oversold, iron ore paper in a short squeeze (Dalian is up 2 more points today), no Fed meeting until mid March and no China data for two weeks and closed next week, we may be in a tradable rally here. The swing factor my be Friday US jobs report. If it weakens then up we’ll go. If you prefer, it will also be a great opportunity to re-enter shorts as the dead cat howls.
Likewise, big gas is powering higher with WPL up 3.8%, OSH up 5.6%, STO up 12%, ORG up 3.3% and LNG up 6.3%: