Big miners hemorrhage greymatter

Today’s iron ore miner action is nervous with RIO up a half percent, BHP down 1% and FMG down 2% and looking toppy. This seems a little odd given the weak dollar and confirmation of further rate cuts in the jobs data. To the indexes:

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The idiocy spreads have whipped out the cranial drill and lobotomized BHP and RIO with a spoon. At new wides both are threatening to shower the average with pureed grey matter The closure of this gaping wound is going to be one the most surgically horrifying moments in modern Australian business:

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Death persists here:

 

1

Dalian is unmoved.

Houses and Holes

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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