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Dalian is up again today though not at new highs:

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Big Iron is trailing with FMG now in clear air once more:

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I personally think that the miners are fairly priced here. A pull back to $50 by year end would still leave them highly profitable and put them on fair multiples.

Big Gas is mostly weak, perhaps on the ORG numbers:

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Still untouchable.

Big Gold is firm as Europe buys it even as the US sells:

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Banks are the star performer today with CBA printing a decent result. I still think this sneaky bull could run further on the rising yield curve despite the local headwinds. That gives the bourse a chance to run to new post-GFC highs:

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Big Spruik is its usual disgusting self:

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Booo.

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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.