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Big iron takes off as banana man chases Dalian

Thursday, 28 April 2016

They won’t die wondering as Dalian is now up some 17 points from yesterday’s close and big iron is lovin’ it with BHP 4%, RIO 3% and FMG 5.5%:

How do you say “don’t fight the Fed” in Mandarin? Authorities have shown a strong commitment to pop this bubble but banana man is holding on.

Let’s see if it lasts because if it rolls, FMG is setting up in the perfect imitation of a head-and-shoulders top:

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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.