Big Gas holds on as OPEC jibber jabbers

BHP is still trying to break its bullish ascending triangle pattern today down -0.2%. RIO is flat and FMG -1.2% as Dalian has lost much of its overnight gain at the open:

Big Gas is bearing up OK as OPEC leaked details of Saudi offering to cut production, rebounding oil a little from the Friday shellacking. It’s all irrelevant so long as Nigeria and Libya are returning but algos don’t have much geopolitical judgement. WPL is -0.8%, OSH 1.4%, ORG -0.6% and STO -1.1%

Big Gold is mixed with NCM flat, RRL -0.8%, IGO -1.5%, SBM 1.2% and EVN 1.2%

Banks are stalled:

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The key is oil. If it breaks it’ll bring markets down this week. If OPEC jibber jabber prevails then maybe not.

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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.