Bears slash big iron, gas and banks
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The bear is back and not before time with BHP pounded -3.9%, RIO -2.9% and -FMG 3.5% as Dalian opens flat after its big overnight fall:
LNG is holding up on hope of a Chinese takeover as despite oil falls WPL and OSH are flat, ORG and STO are both up 1.5% and LNG is down -2.5%:
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Banks are getting hammered after ANZ’s clanger with CBA down -2.7%, WBC -3.5%, NAB -2.2%, ANZ -5%, MQG -2%, BOQ -2.3%, Sun flat and BEN -3.8%:
The CBA mega head-and-shoulders pattern is still play (and broken) on the monthly chart but the daily will need to close decisively below the $70 support area to confirm the move towards..ahem…$40:
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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.