Kaboom! Up she goes across the board with follow through also in Chinese steel.
The charts for ore look like this:
The charts for steel like this:
Looks like the bottom is on, more or less. Still reckon we’ll see a retest. And in the medium term I hope we heed the warning of the past two months. Almost certainly not.
David Llewellyn-Smith
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.
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.
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Time for Twiggy to re-hire the 1000 or so he just sacked, plus more!!
I thought there was no stimulus as such, just an official announcement of a bunch projects that had already been approved some time ago, totalling only a fraction of the value of the monster anti-GFC stimulus.
I guess knee-jerk reactions is how markets function.
Stimulus will do wonders even if it’s open mouth.
Short covering taking place ?
it’s all in the volume they say..those in the business of trading the technicals.
i understand that trading volumes in the spot market in iron ore can be thin wheras in the 12 months swap market volumes are higher..and a nmore reliabe guide.
do we have volume data?