Because Banana Man is loose once more. Dalian has piled on 2.5% this morning and Big Iron is off again with BHP and RIO up 0.5% and FMG 2%:
The FMG bubble looks primed to fatten further as the 58% discount expanded to 16.3%:
Big Gas is following the Brent oil jawbone with glee as WPL grinds 1.7%, OSH 04%, ORG 2% and STO 2.3%:
Having swooned as expected into the oil dip, STO is now pushing a breakout:
If it gets through then the failure of an OPEC deal will be a terrific re-entry for shorts.
Gold is also back with NCM -0.8% but RRL 1.5%, EVN 1.6%, SBM 2% and IGO 0.5%:
I’m still looking for the share market rally to push gold lower but given the latter is being supported by the cautious Fed as much as stocks are it may take a while.
Banks mixed but largely off today with CBA -02%, WBC 0.2%, NAB -1.2% and ANZ -0.7%:
