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The iron ore miners almost all gapped lower at the open today registering 12 month and longer term lows. That lasted about half a second and ever since a spectacular bear market rally has seized the majors while the juniors languish. RIO is up almost 2%, BHP half that and FMG is up 6%. Here’s the relative performance chart:
The idiocy spreads are still closing on the averages but the moron cross (RIO outperforming BHP) is back as a chance:
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But the juniors have nuthin’ with BCI tumbling again:
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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.
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