Snap! Banks break

David Llewellyn-Smith

Friday, 1 June 2018

AUD is stable through the morning:

Bonds are mixed:

The XJO double-top is more serious again:

Big Iron is down:

Big Gas is down:

Big Gold is down:

Big Mortgage has broken support with both CBA and WBC on the wrong side of support in their huge and bearish descending triangle patterns. I’ve used the weekly chart for clarity:

Is Big Realty beginning to wake up to it?

Avagoodweekend.

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.