ASX Icarus flies too close to the sun

With predictable results. Now printing a massive double-top:

The Australian dollar and bonds are eerily calm:

Big Iron is hit with FMG printing a large head and shoulders topping pattern. It’s not broken yet but if it does…

Big Gas is aflame:

Big Gold is still a major disappointment. Last night sell-off had shades of the GFC:

Big Bank pain is focussed on WBC. CBA really does not deserve that huge premium:

Big Realty is still very inflated:

S&P futures are creeping higher as they did yesterday:

Trust it if you dare…

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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.