Fortescue blasts to new high as Dalian sinks

Speaking of one-trick ponies, Big Iron is enjoying more joy today on the UBS upgrades (to prices) as BHP and RIO add 0.5% and the rampant FMG 2.6% hitting a new high:

Dalian has lost all of its overnight gains and is now down for the day which is a nice reminder of the divergence ahead for ASX equities’ iron ore outlook and reality.

Big Gas is mixed as oil flaps with the OPEC jawbone WPL 0.7%, OSH -02%, STO flat an ORG -1.3%

Big Gold has lost its bid too with NCM -1.6%, RRL -1.5%, EVN -2.1%, SBM -0.5% and IGO -1.8%:

I continue to favour waiting…

Big Usury is cautious eyeing the RBA flopping around neutral with small moves:

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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.