Possibly the most pathetic bank short squeeze in history

AUD is up a bit this morning:

Bonds are selling:

XJO is up moderately:

And it is all about dirt. Big Iron is flying as BHP gives back wads of cash from exiting shale oil. A nicely timed buy for the MB Fund:

Big Gas is mixed:

Big Gold in pain still:

But today’s great squibbing is banks which have failed to fire as the decks are cleared of bad news, which makes one wonder if the decks have been cleared at all. The record low bad debt provisions announced show zero awareness or pricing of the building property bust and are fooling nobody.

Which Big Realty is beginning to wake up to:

There’s so much property pain ahead that it’s hard to know where to look…