Dalian is not being nice to iron ore again:
Coking coal is a bit better:
Big Iron is hanging on again in hope. I suppose it has to wait for the obvious to happen. FMG did hit new correction lows at the open but has since rebounded as Hot Copper dills pile in:
Big Gas is up with ORG at new highs. Who would have thought that screwing your country could be so profitable?
Big Gold is getting a little relief:
But Big debt is getting the treatment as CBA completed the conversion to utility earnings:
Some say the falls are because of a threatened new bank levy. Perhaps but what is the investment case for a highly levered utility anyway? None.
Big Liar is still cruising:
A few weeks ago I speculated that we might be close to some huge double top on the ASX and that looks a little more likely today:
What would you buy, after all?
- Miners? As iron ore targets the $30s by year end? Nah.
- Banks? As they go ex-growth but remain hugely levered and then exposed to falling mining income and the bubble? Nah.
That’s pretty much all there is, other than a few scattered dollar-exposed industrials. The Aussie is at new 2017 lows today so that’s worth a thought:
But, frankly, why wold you only swim in this broken and draining local fishbowl gasping for oxygen?
If you’re fed-up with Australia’s broken bourse and would like to expand your investment horizons to jurisdictions where there is growth then the MB Fund (launching in the next month with 70% international stocks) is for you.
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