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On the great bear market rolls. BHP is down -2.75% at a new post-GFC low, RIO is down -2.4% and closing in on a new low, FMG is down -3%. Here are the monthly charts for the big two:
That says “don’t buy now” in big red letters. FMG as well:
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Not quite so bad as markets kid themselves that it will survive. Here are the updated idiocy spreads:
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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.