Australian LNG Australian Shares Commodities Iron ore price

Mining dead cat rips as Dalian ignites

Monday 22 February 2016

The share market is having a good day as iron ore offers false hope to the feeble-minded. Banks are mostly up with CBA, WBC and NAB 0.8% and ANZ flat. Regionals are up roughly the same:

Today’s star is big iron as Dalian is up another 2% today from the same overnight. BHP is 2.4%, RIO 3% and FMG 6.5%

There is nothing on any of the charts to suggest we’re going anywhere very far or for long:

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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.