First blood to Janet Yellen. Dalian has regained a few of its lost points at the open but Big Iron is down today following Janet’s bold declaration of an imminent rate hike. BHP is off a bit, RIO a bit more and FMG -1%:
FMG has a nice little head and shoulders topping pattern in place though I’m a little sheepish in calling the end given several abortive calls earlier in the rally. All I can say is that the iron ore rally is topping and unless FMG is selling something else these days then…
Big Gas is a bit sick too despite firm Brent. WPL is -2.8 though is ex-divi, OSH -1.9%, ORG and STO -0.5% apiece:
The Queensland two don’t look well…
Big Gold is taking a shellacking with a number of miners hitting new lows in the correction. NCM is -3.3%, RRL -1.3%, IGO -3%, SBM -3.3% and EVN -8% after its capital raising and acquisition:
With Janet now needing just a little push to hike in September, and good odds of another solid US jobs report late this week, we are finally presented with a scenario that could deliver the gold sell-off I’ve been looking for. Not there just yet…
Finally, banks are down as bonds sell with CBA -0.5%, WBC -0.9%, NAB -1% and ANZ -0.4%:
A little bit of Janet goes a long way.
