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The bear market rally continues to unwind for big dirt. BHP is down -1.9%, RIO is down -0.9% and FMG is down -2%:
The next test for these stocks will be the Chinese PMIs next week. I can’t see them passing it. There is nothing but more ore on the horizon now. Dalian has opened down 1 point 364.
Big gas is also burning with WPL down-1%, OSH flat, STO down -2.2% and ORG suspended by the looks of it:
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The ridiculous WPL bid for OSH appears to be playing out largely as expected, getting more expensive by the minute. I expect more downside ahead for Brent.
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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