ASX dead cat howls higher

Don’t look for rationality here. Dalian is soft:

But Big Iron is mostly up:

FMG is up 1% even as iron ore hits new lows. Makes no sense but the 58% discount has eased a little so not entirely crazy, either. More losses ahead.

Big Gas is mixed:

No upside here as oil falls with rising Libyan supply and the Coalition bends the space time continuum around coal.

Big Gold has a nice uptrend still:

Does not bode well for the USD.

Big Debt is enjoying a dead cat bounce as the drover’s dog piles in for his piece of ex-growth, bubble-exposed, policy-risky utilities:

And Big Liar is catching the rising tide:

Fade ye auld rally…

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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.