Finally today some relief for the army of reckless tards that pile into iron ore every time it falls. The majors are both up 1% after yesterday’s 3% shellacking that broke all sorts of technical levels and set them up for more pain, much more, in my view. FMG is also enjoying a 3% bounce but is still languishing far below the former support line and now resistance level at $2.92. And so, onto the comparative index charts:
The majors are breaking down, however the idiocy spreads are trying but failing to close given the speed of the iron ore decline:
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But the juniors are showing no such qualms, rationally and reasonably going the way of all flesh: