The Big Iron bubble is little changed over my break if off today. BHP is -2.3%, RIO -3% and FMG -3.5% tracking Dalian’s Friday night falls:
The FMG bubble is virtually unchanged as well with the 58% iron ore discount at -15.5% and the spread to equity still massive:
Big gas is a different story given the Saudi jawboning rally in Brent. Actually cutting supply makes no sense as US rigs rebound so I do not expect it from OPEC next month but until that’s confirmed scuttlebutt will support the oil price. Thus WPL, OSH and STO are flat while ORG is down -0.5%:
Big Gold has resumed its consolidation as US data flows in mixed and the record long in markets is little changed. It still seems likely to me that we’ll get further pullback yet as NCM falls -3.5%, RRL -3%, IGO -3.2%, EVN -2.2% and SBM -2.6%:
Banks are also still caught in their downtrend though up today with CBA 0.8%, WBC 0.5%, NAB 0.9% and ANZ 0.5%:
The great repression rolls on.
