CBA hovers at the brink as miners sell

The share market is one nervous Nelly again today ignoring positive overnight leads as banks can’t catch a bid. CBA is down -0.5% and still at the chart precipice, WBC and NAB down the same, ANZ flat. In regionals BOQ is -2.33% and approaching new lows, SUN -1% and BEN flat:

Big iron is being hit as BHP falls -2.13%, RIO -3.1% and FMG -4.7. Dalian has opened firmer after last nights big fall:

Big gas is not following oil’s lead higher. WPL is -2.7% and still looks very vulnerable to me, OSH -1.3%, ORG flat, STO -0.7% and LNG flat:

Looks like one punch drunk bourse.

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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.