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Banking and mining dead cat bounces again

Monday, 15 February 2016

The banking and mining dead cat is bouncing again though certainly not with a whole lot of conviction. In banks, CBA is flat, WBC is up 0.6%, the beaten down NAB 1% and massacred ANZ 1.5%. Mid-tiers are still being ripped apart as BOQ falls -0.5, SUN -2.5% and BEN -4.7%:

A closer look at the mid-tiers shows little chart support all the way down to European and GFC crisis lows:

Turning to big iron, BHP is up 5.4%, RIO only 2.8% despite coming off S&Ps negative watch, and FMG 5.3%, pretty meager versus London:

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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.