ASX tracks BHP to record high

David Llewellyn-Smith

Monday 26 July 2021

XJO is at a record high this morning:

The Australian dollar is soft:

With bonds modestly bid:

Big Iron is right at record highs. BHP flopped over the line earlier but pulled back. RIO and FMG are near. All three charts look very bullish for a breakout. I don’t typically comment on the miners but downgraded iron ore to outright “sell” this morning:

The market is clearly skeptical about Big Gas, as well as oil’s rebound and high LNG prices in Asai:

Big Banks are fading again:

Never has Australian recession been so profitable!

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.