Fortescue cracks lower despite firmer markets

Thursday, 11 September 2014

An interesting turn of events in markets today with Chinese derivatives stabilising but some miners sliding on. AGO is sitting right on its 2014 low, ARI is in free fall and FMG has cracked below its 2014 floor, down 2% today. The majors are down marginally:

And the idiocy spreads remain wide:

Juniors are slowly converging at the point of extinction:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.