It appears markets are waking-in-fright to the bet made upon major miners and their ability to weather price falls. FMG is down nearly 4%% to 3.20 and is approaching terminal support at $3. If it breaks then a move all the way to the GFC lows at $1.80 opens up as a possibility. Significantly, RIO is down 3% as well to $57.30 and has taken out its 1 year low. A move to the $50-52 range now looks possible. BHP is also down sharply 2.2% and may be on its way to its next support in the $30 range.
The relative performance chart is now looking decidedly sick:
And the idiocy spreads are screaming shut:
