The idiocy spreads have begun to close. With Chinese markets closed, it appears today’s empty BHP presentation has triggered a little panic in the major mining stocks. BHP is down 2% into the high $32s and appears on track to retest its 2013 low at $31ish. RIO is down almost as much and is just above its 2014 low at $57.45. It should be noted that both were down 1% of or so in London Friday so some of this is catch up. FMG has sailed to a new 2014 low at $3.37 and looks like it’ll retest its multi-year lows at $3. That is terminal support! Here is major’s relative performance chart:
With the idiocy spreads now all now looking to close (but with hilarious distances yet to travel):
And the juniors are on death row:
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