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The resources dead cat is really screaming now. Big iron ore is pounding upwards with BHP up 1%, RIO up 3% and FMG up another 5%:
Of course nothing has changed for iron ore or the bearish charts so this a beautiful chance to add to shorts.
Meanwhile energy is on fire with WPL up 4.5%, OSH up 5.31% and the dead ducks STO and ORG are leaving all for dead up 11.5% and 9% respectively (ORG is the bottom line, STO second to bottom):
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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.