That snapping sound you can hear is CBA breaking

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AUD is off during the morning:

Bonds are bid:

The XJO double-top is still in play:

Dalian is holding modest overnight gains:

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Big Iron is down with the recent short of FMG at $5 looking good:

Big Gas is down too:

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And Big Gold:

But that snapping sound you can hear is CBA breaking as Big Scum keeps falling:

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The sound of 10 million specufestors screaming accompanies a new two year low for CBA within a very bearish looking descending triangle chart:

It jumped back over the support line afterwards but I reckon a decisive break is inevitable…(more on that here)…

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Finally, Big Puswad still hasn’t worked it out:

Can’t talk down the market but it’s falling anyway.

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.