Big Gas incinerated again

Big Iron is holding on today with Chinese markets closed over the next few days. BHP is 0.9%, RIO 0.1% and FMG 0.4%, more or less tracking the London dead cat:

Big Gas probably wishes this market was closed too as it burns out of control on oil price falls. WPL is -1.5% and OSH -1.9% and both look completely unprepared for a return of Libyan oil if it does flow. ORG and STO are both in technical free fall now with the former -2.6% and the latter -3.2%. Just imagine where these babies are going if oil does return to its lows. Right where they belong, frankly:

Big Gold is off the canvas as the rates backup pauses with NCM -0.9%, RRL 2.8%, SBM 1.8%, IGO 0.6% and EVN 2.4%:

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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.