Bear roars for big iron, gas and banks

The bear is back and it is angry. Big iron is getting hit as Dalian re-opens down -2% and BHP is hammered -2.6%, RIO -1.6% while FMG enjoys a little short term delusion at -0.3%:

Big gas is getting pounded as oil continues to slide with WPL now in post-GFC free fall down -3.2%, OSH -3%, ORG -2.2%, STO -4% and LNG – 8%:

My bearish ruminations about WPL are playing out as its descending triangle daily chart is now blown apart:

And the monthly chart is not promising for where we ‘re going with no support down to $16 thence $10…

Turning to banks, it’s more pain with CBA is down -1.5%, WBC -1.5, NAB -1%, ANZ -1.4%, BOQ 0.4%, SUN 02%, BEN -1% and MQG -1.2%:

Everything is approaching previous lows but the key is CBA as its monstrous head-and-shoulders top comes back into focus:

Any decisive break of $70 and it’s all over, red rover…

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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.