If it digs, dump it!

Dalian is open and is immediately under pressure following the overnight dump:

Big Iron is getting hit hard though FMG is ex-dividend down -4% and WHC -5%:

The chart damage to FMG is still not decisive:

Big Gas is also down hard as oil comes off:

One wonders if the market is not beginning to price bad outcomes for east coast LNG policy risk…

Gold is getting pulverised as the USD runs riot, as expected:

And banks have run out of steam too as the yield curve flattens:

Not much fun out there for dirt today as the USD charges on Fed hawks.

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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.