Fortescue heading to $3? UPDATE

by Chris Becker

UPDATE at 230pm: FMG is down nearly 7%:

So, following the new five year low in spot iron ore, Fortescue Metals (FMG) is down 2% this morning on the open, with the broader market off half a percent. Not exactly a bearish day as that particular stock can rally or fall multiples of that figure no problem. But before Houses and Holes went on his break last week I mentioned to him that the weekly chart candlestick for Fortescue (FMG) was ominous.