Gun-shy ASX rebounds weakly

AUD/USD is up a little:

Bonds are bid:

Stocks are up 1.2% but are struggling with S&P500 futures down. It’s still nursing a possible double-top

Dalian is pointlessly bid on bad weather:

Big Iron is enjoying itself:

Big Gas is up though it’s on a hiding to nothing with oil way overbought still:

Big Gold is soft and some of those charts look a little worrying for roll over. I’m still a sell on the theory of a USD rebound:

Big Sleazy down amid the bank bounce:

Big Scum is up marginally. GMA is close to chart breakdown:

Not an overly convincing rebound.

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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.