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This accelerated on news Chinese industrial profits year-on-year were well ahead of expectations and saw the short selling in the miners slowing down.
Once more BHP is under pressure for the shorters; iron ore slipped again overnight to $113 a tonne, but there is a clear battle going on with the stock heading into the end of financial year.
BHP is currently 2% up in FY13, the shorting shows that loss-making positions are being closed out ahead of the final rebalance of fund managed portfolios. It will be very interesting to see what happens on Monday when the New Year begins for BHP.
The banks and defensives are the ones snapping back as yield hunters and bargain hunters jump in on optimism the election could be earlier than expected and the current government will engage more with business.
It is clear from the leadership change in Canberra that the market is looking for signs a change is in the air, the malaise from Canberra has caused business to switch off and the sooner it comes the better.