There’s no stoppong the global reflation rally for the Auastralian dollar as it completely ignores recessionary local data and roars higher. No doubt traders are looking at that chart and runnig on the double bottom:
XJO is lagging global markets as a result:
Bonds are still bidish:
But Big Iron is ripping. I can’t find any reason for it other than general happines. The truth is, unless China stimulates more, its prospects are getting darker. An FMG breakout would be something at this juncture!
Big Gas is solid:
Big Gold is off the canvas. It should be ripping if the global reflation is to take hold with a falling USD:
Big Banks are getting hosed as WBC proves their zombie future:
Big Realty is struggling too as the reality of a real estate bubble with no economic follow through sinks in. MEA is the exception as the Chinese move in:
The Australian dollar rips as the Australian economy tears, even without pricing futher likely falls in bulk commodities.
There’s nothing rational here!