Pete Wargent blogspot

Co-founder & CEO of AllenWargent property buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place), & CEO of WargentAdvisory (providing subscription analysis, reports & services to institutional clients).

5 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.

"Unfortunately so much commentary is self-serving or sensationalist. Pete Wargent shines through with his clear, sober & dispassionate analysis of the housing market, which is so valuable. Pete drills into the facts & unlocks the details that others gloss over in their rush to get a headline. On housing Pete is a must read, must follow - he's one of the finest property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.

"Pete is one of Australia's brightest financial minds - a must-follow for articulate, accurate & in-depth analysis." - David Scutt, Business Insider, leading Australian market analyst.

"I've been investing for over 40 years & read nearly every investment book ever written, yet I still learned new concepts in his books. Pete Wargent is one of Australia's finest young financial commentators." - Michael Yardney, Australia's leading property expert, Amazon #1 best-selling author.

"The most knowledgeable person on Aussie real estate markets - Pete's work is great, loads of good data & charts, the most comprehensive analyst I follow in Australia. If you follow Australia, follow Pete Wargent" - Jonathan Tepper, Variant Perception, Global Macroeconomic Research, author of the New York Times bestsellers 'End Game' & 'Code Red'.

"The level of detail in Pete's work is superlative across all of Australia's housing markets" - Grant Williams, co-founder RealVision - where world class experts share their thoughts on economics & finance - author of Things That Make You Go Hmmm, one of the world's most popular & widely-read financial publications.

"Wargent is a bald-faced realty foghorn" - David Llewellyn-Smith, 'MacroBusiness'.

Monday, 7 March 2016

Fortescue goes perpendicular (BOOM)

Shorts annihilated

With Chinese iron ore futures hitting limit up today in tearing nearly 5 per cent higher - Dalian iron ore hit $62.47mt - the market action today has been lively to say the least. 

Fortescue Metals Group (FMG) was up 26 per cent at one point, closing up by 23.7 per cent at $3.08.

8 per cent of the stock was sold short last week (ouch!).

Quite some recovery from an intraday low of $1.46 on January 27. 

A big lift in other miners too, taking the ASX to another two-month high.

BC Iron (BCI) closed up by 52 per cent, Atlas (AGO) closed up by 46.7 per cent, and Arrium (ARI) closed up by 33.3 per cent.

Futures point to record gains

Iron ore futures screamed up by 19 per cent on Singapore exchanges, while a 62% Fe MNP (at seller's option) trade at $63.50/t implies that today is shaping up to see the biggest percentage gain in iron ore spot prices since indexation commenced.

All jolly good news for Australian Government revenues, given that forecasts made in December assumed just $38/t.

Oil also jumped to $39 for the first time in 2016, sending oil stocks rocketing.

Commodity prices rebounding anew.