The Australian Resource stocks are taking a pounding today as worries emerge about a really bad number coming out from China tomorrow on the GDP …BHP are in danger of slipping below 30 bucks with RIO and NCM heading in the wrong direction fast..once again it is the yield stocks that are holding up far better with Banks and TLS looking relatively calm…

If the GDP number is not a shocker there should be a rally but suspect that once again investor confidence has been smacked and any rally may be fleeting…so much for the mining boom..shorts are having a field day in thin markets pushing our big miners down…

BHP -2.4%

RIO -3.1%

FMG-5.8%

NCM -3.8

Yet through all this Iron Ore price remains relatively steady around $135!…someone knows something about tomorrows number ….let’s hope they are wrong!

Whatever happens with the GDP number..the safety in yield stocks will continue..miners just don’t cut the mustard with that I am afraid.

 

Clarence

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