Australian banks Australian LNG Australian Shares Commodities Gold Iron ore price

Dirt whipping boys point at blue sky

Wednesday, 22 June 2016

It makes no sense at all but big iron is up today is Dalian rises 3%. Why is a mystery given fundamentals are clearly pointing the other way. BHP is flat, RIO 1.3% and FMG 0.3%

FMG’s chart is strong and it looks like it wants to charge higher, which makes about as much sense as boobs on a bull given the H2 outlook:

Big gas likewise is firm with WPL flat, OSH -0.3%, STO 2% and ORG breaking out to new highs at 1.3% though it too looks overexcited vis the oil outlook:

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.