Markets seem to be getting increasingly edgy about miners. BLT and RIO down about 2%. ANTO is down, too. LMI, which is something of a special case at the moment is falling as well. It will be interesting to see how the miners strike and debt covenant problems play out. Some solid performances from the defensives: BATS up nearly 1%, and MRW up an impressive 1.55%. TSCO up 0.77%. It’s difficult to say if the market is cottoning on to the fact that supermarkets are cheap. Over 1 month, relative strength of MRW is -2.46%, TSCO +2.94%, SBRY +0.57%. Maybe if we hit more volatility we’ll see miners go down even more, and supermarkets pick up.
The big excitement today is in JJB Sports, down 75.3% at the time of writing, on news that investors could be wiped out. 0.586p. Some experienced-looking investors on ADVFN looking like they’re playing this for a dead cat bounce. Should be interesting to see if ti works out.
Mark Carter's blog 