In fact, the entire bourse is hovering at the brink if you ask me, unable to rally on good news. Banks are really weak with CBA -0.5%, WBC -0.9%, NAB -0.9%, ANZ -0.6%, BOQ -1%, SUN -0.5%, BEN -0.4% and MQG -0.5%:
CBA continues to hover at the $70 brink of the monstrous head and shoulders top:
Meanwhile, iron is also stalled though up today with BHP 1.2%, RIO 1.4% and FMG 2.8%. Dalian has opened down -1% as it loses some of Friday night’s stupid Son of Bree rally:
But big gas is definitely under-performing the oil rebound (which is up another 1% this morning) with WPL 1.7%, OSH 2.1%, ORH 2.5%, STO 3.1% and LNG 1%:
WPL typifies the bourse as oil hits new highs it keeps hitting new lows:
All it is going to take is a little push and this bourse is going to sink. What I can’t tell you is if that push is about to arrive….
