Big iron rocket flames out (updated)

Wednesday, 29 April 2015

The big iron short squeeze is over. BHP is down half percent, RIO is down 1% and FMG is down 6% (after another 5% yesterday afternoon). To the indexes:

The idiocy spreads are closing now largely on the back of the iron ore price rise, except for FMG which has outpaced it:

Juniors are rolling hard too with BCI down 9% after it’s death bed doubling:

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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.