ASX tops everywhere

Coking coal and iron ore are still struggling in China:

And there are tops everywhere on the ASX. Big Iron is struggling to hand on with WHC breaking support and looking at some kind of waterfall ahead:

Big Gas is also selling despite oil. ORG was downgraded to sell today by one broker:

Big Gold is bouncy:

Big Debt is hanging on but the chart damage is nasty with up-trends broken all over:

And Big Liar may also be succumbing as sector leader REA runs from news highs. If it keeps falling a bit here the potential double-top is monstrous:

ASX topped out. Buy banks? Nup. Buy miners? Nup. Buy consumer? Nup. Buy elsewhere? Yep!

Avagoodweekend.

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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.