ASX tumbles through iron ore trapdoor

Advertisement

The Australian dollar is still hanging on at the lows of recent correction:

But bond yields are bid big:

And XJO is also back to the lows:

Advertisement

As Dalian tumbles again:

Big iron is under pressure. FMG has smashed support now with the waterfall ahead:

Advertisement

Big Gas is easing. I’m mixed on it here depending on how Iran plays out:

Big Gold is off too. Still skeptical:

Advertisement

Big Sleazy appears to be in free fall:

But Big Puswad hasn’t noticed. MEA is up bigly on a new buyer of its shares:

Advertisement

Australia’s twin pillars or bulk miners and banks are crumbling today.

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.