Big iron is down today as Dalian slides another one percent at the open with BHP -0.7%, RIO -0.9% and FMG -3%:
FMG can fall right down $3.50 before threatening its uptrend:
The idiocy spread has also bottomed:
And its spread to 58% iron ore looks to have peaked. The 58% discount is itself down to roughly -14% today:
I personally think that this bubble is primed to pop, perhaps not all at once, but over the next quarter.
Big gas is firmer with WPL 1.4%, OSH 2.9%, STO 1.5% and ORG 0.3%. All helped by the Exxon bid for Interoil:
Gold miners are still consolidating with NCM flat, RRL flat, IGO -3.4%, EVN -0.4% and SBM -0.9%:
Banks are directionless as we wait for an Italian bailout with CBA 0.05%, WBC 0.3%, NAB 0.06%, ANZ 0.4%, BOQ 02%, BEN 0.8% and MQG 0.2%:
