Fortescue craters

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The iron ore majors are taking shellacking today but not enough! BHP and RIO are both bouncing through the day as the bottom-feeders presume oil and iron ore have bottomed (at least for today). FMG is bouncing as well but it fell 10% to below $2 at the open, within spitting distance of its GFC low, so is still down 5%. Here are the indexes today:

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The idiocy spreads are paused before any push closed:

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The juniors are still guzzling the hemlock:

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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.