ASX crashes

S&P500 futures are up a little but XJO is down -3% or so with what could turn into a nasty double top:

Bonds are bid though as strongly as in the US:

AUD keeps sliding:

Big Iron hammered ex-FMG:

Big Gas even more as the overdue oil correction unfolds:

Big Gold is getting walloped. Remember that it is never a safe haven during a rout. It’s time comes afterwards. That’s especially so today given the market needs a rising USD to stabilise:

Banks bashed. WBC has busted support:

Big Puswad hosed:

MEA still holding above record lows.

More selling to come yet…

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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.