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Big iron and gas are burning again today. BHP is down -0.6%, RIO is down -0.8% and FMG is down -6%. The majors are holding up very well given iron ore and oil are sliding fast:
A closer look at FMG shows that it has failed to break its first resistance line at $2.60:
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Unless something unforeseen appears, such an asset sale, this rally looks caput as iron ore slides on. Dalian is breaking new lows at 362 as the bleed rolls on.
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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.