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Dirt flies

Friday, 19 August 2016

Dirt has broken out today with BHP and FMG at new rally highs up 2% apiece, RIO is the new laggard up 1% and still 5% below 2016 peaks. Dalian is flat at the open:

It appears the mooted BHP re-rating is underway as it breaks to new post-crash highs and pushing out of its ascending triangle pattern:

FMG is unstoppable:

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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.