Iron ore and coking coal futures are going OK today:
Which has the Big Iron dead cat purring:
No doubt the Hot Copper dills will be foaming at the mouth. CS takes the cake:
We attempt to trade the easing of Chinese liquidity conditions by adding Fortescue to our Long Portfolio.
We are already long the commodity producers and the addition of Fortescue is more of a trade, rather than a long-term increase in our overweight position here.
With respect, that’s ridiculous. Fading Chinese liquidity means buying puts on any rebound not going long a dead cat bounce.
Big Gas is up but where’s it going to go given it’s already pricing $65 oil?
Big Gold is firm:
Big Debt is up too (NAB ex-div) but where’s it going to go with very high valuations and no growth?
Says Coppo:
I don’t see the market as a buy here … no, it looks and feels like it’s got a drop coming soon.
The banks were weak early, but after the huge falls they have had there was always going to be some buyers coming in.
I’d stay clear of the banks for now — there will be a wall of selling if they rally much further.
Yep, finally, Big Liar is firm:
But with the vile FXJ headed private and the vice tightening on the bubble why go long?
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