Australian dollar, ASX tumble

AUD/USD is still falling after capex. It needs to get below 76 cents or so to break the uptrend. Inevitable in my view:

Bonds are bid:

XJO is not:

Dalian has opened softish:

Big Iron is getting hosed. FMG is below $5 and if it breaks $4.50 support it’s on like Donkey Kong. Also inevitable in my book. RIO looks double-toppy:

Big Gas is tumbling with oil. More to go:

Big Gold is in trouble too:

As the Chinese slowdown develops through this year, all dirt will fall on fundamentals and a return to the USD bid.

Big Sleazy is off with everything else:

As is Big Puswad where the GMA free fall is a concern for everybody:

Finally, Big Retail is also following through on yesterday’s falls.

Also more to go.

Not pretty in prices or dynamics today.

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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.