Dirt dumped off cliff

Yes, a little Janet does go a long way. Dirt is being wholesale dumped today as we head into Friday’s US jobs report. BHP is -3.4%, RIO -2.2% and FMG -3.2%:

RIO looks especially weak having broken out of it recent trading range. That does not bode well for FMG, either, though it’s being held up by Dalian rising a little at the open. It’s still too early to say if this is the beginning of the seasonal dump. Steel is still holding up and the disruptions around the G20 confuse the picture. Not that it matters if you have a three month time frame.

Big Gas is aflame. WPL is -1.1%, OSH -3.1%, STO -2.3% and ORG looks very weak -2.9% and well below recent supports:

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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.