Can we call it a “dead cat”? It really only fell from the kitchen table. Big iron is off again as Dalian opens flat with BHP 1.9%, RIO 2.3% and FMG 2.7%:
Big gas is up too with WPL 1.7%, OSH 2.5%, ORG 2.8% and STO 1.4%:
It’s interesting the way that the two legacy players are in declining trends while the startups are in rising trends. The latter makes sense as the price rises for oil flood marginal producers with cash but why the former? Is that the market pricing the end of their contracts?
Gold miners are bid despite gold doing little with NCM -0.3%, RRL 2.8%, IGO 7%, SBM 3% and EVN -1.3%:
Finally, if there is a dead cat here it is the banks with CBA 0.3%, WBC 0.6%, NAB 0.4%, ANZ 1.3%, BOQ 05%, BEN 2.8% and MGQ 1.7%:
Alas, MEA has bounced 2.3% today away from record lows but the trend is intact:
