Whoa! It’s awwwn. Either everyone was short or nobody believed the bust was real and probably both because iron ore stocks have gone mad. The majors are lagging badly with RIO up only 4% and BHP up a lousy 2.5%. FMG is up 10% today alone at $3.81. After all of that horribly painful grind lower, FMG has wiped off one month of losses in just two days. Not that it matters much for now but here are the relative performance charts:
It doesn’t yet show much on the 1 week averages but the idiocy spreads are screaming wider:
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The juniors are up across the board as well, most by 10%:
