It was a rotation, pure and simple, quant models direction a redux in concentrated iron ore names (noting that Hills and RIO were off too) and a buy of financials. About as classic a rotation as you'd see.
The yield thematic still remains longer term, which is why I'd have sold bank on the MOC today and banked the daily run.
Disc: Long small size at $11.55
Iron ore price, page-21695
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