Dalian is holding onto its overnight losses through the day with iron ore down -7% and coking coal -4.2%:
This seems to me to be a very bearish signal. If Cyclone Debbie can’t elevate futures then the jig is up for bulks. Big Iron is doing better than it should with BHP up slightly with oil, RIO down only -0.2% and FMG -3.3%:
Those head and shoulders tops will all break with another bad day or two…
Big Gas is rising with oil while Big Gold is acting as a safe haven:
I’d be more inclined to sell than buy here given Syria is not strategically terribly important. It is very unlikely that it develops into anything beyond a proxy war and humanitarian disaster, though for Europe and its refugee crisis the fallout could be bad.
The banks are also selling:
For me the rally is over as regulators bear down on the bubble.
Avagoodweekend.
