Big Iron enters blow-off

Big Iron is blowing off. Dalian is down marginally but BHP is 1.9%, RIO 1.1% and FMG tearing it up above $5 up 3.7%:

This is happening even as the prospects for iron ore fundamentals are clearly turning south into Q4. A classic blow-off scenario. Citi shows how well the underlying dirt has fared this year:

Remarkable what a little Chinese credit can do for a while.

Big Gas is mixed with WPL up 0.7%, OSH -1.2%, STO flat and ORG 0.9%:

Big Gold continues to chew through its consolidation with NCM -0.4%, RRL -0.3%, IGO 0.8%, SBM 0.3% and EVN suspended on its acquisition:

Banks are up again just because, all roughly 1%:

The sullied McGrath released a decent revised profit today so is up 2.7% though it warned on ongoing tough conditions in housing.

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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.