Shares slough data shocker as Dalian rips
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Shares are holding up today despite the economy clearly deteriorating. Banks are just hanging in with CBA still arrested right at the point of no return for its monster head-and-shoulders topping pattern up 0.4%. WBC is up 0.2%, NAB 0.4%, ANS 1.3%, BOQ 0.4%, SUN -0.4% and BEN is off -6.5% on no news that I can discern:
A closer look at the BEN chart shows it is shot to pieces and appears on its way to test European crisis lows:
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This does not bode well for other regionals.
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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.