ASX thumped

Dalian has opened flat:

Big Iron has broken with FMG right at new intraday lows, BHP crashed through them, and even coconut vendor RIO under pressure:

Big Gas is now burning out of control with STO pointing straight towards new 40 year lows:

Big Gold is chopping wood in its correction:

Big Bubble is bursting again as investors wonder if holding zero growth banks right now is such a good idea:

Meanwhile, Big Liar is doing what it does best, pretending it’s all good:

The ASX200 is itself within a whisker of breaking to new lows and it’s under-performance versus the S&P500 gets more hilarious by the day:

Any ongoing oil correction will not be kind to the ASX.

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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.