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Big iron is taking a breather today as doubts creep into markets over the sustainability of the rally. BHP is down -1.2%, RIO is down -0.5% but FMG is soaring 4.2% on hope, for what I do not know:
Idiocy spreads have erupted again though FMG is still well within it recent range:
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Even the dead have stirred as intrepid traders brave the bite of BCI zombie:
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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.