Australian banks Australian LNG Australian Shares Commodities Gold Iron ore price

ASX pounded

David Llewellyn-Smith

Thursday 18 May 2017

Dalian as given up overnight gains:

Big Iron is mixed with the really dumb RIO trade holding it up while others whither:

Because this time RIO is different (shakes head).

Big Gas is down despite oil:

Big Gold flying:

Big Debt down hard again:

Big Liar is split as FXJ soars with the second bid (how can there be two groups that want ride the Aussie housing bust to oblivion?). REA looks cooked:

And the ASX monster double-top thesis is firming with bourse shedding another 1.3%:

Dumb money rules!

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.