Big iron is taking it in the team again today as BHP and RIO fall -1.8% while FMG continues its delusional levitation at -1.3%:
Dalian has recovered a couple of points from overnight.
Big gas is mixed as WPL is flat, OSH -0.3%, STO 1% but ORG -1.7%:
Gold is also mixed with NCM -1.9%, IGO -1.5%, SBM 1.3%, RRL 3.8% and EVN 0.5%:
Finally, banks are still unhappy despite their solid performance in debt markets with CBA -08%, WBC -0.7%, ANZ -0.8%, NAB -0.8%, BOQ flat, BEN 0.4% and MQG flat:
It’s time once again to brush off the monster CBA head and shoulder top pattern which is still in force on the daily chart where a break of the $68-70 range would be very bearish:
The weekly chart:
And the monthly chart which already has a broken neckline targeting high $40s:
Could we get there without an Australian recession? I think so. GFC lows would be targeted if it all turned into a serious global shock.