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The great corporate struggle of out time goes on today with FMG hanging on by its finger nails in technical terms, up slightly today at $2.98 and barely above the $2.92 terminal support line. BHP and RIO are up marginally as well after yesterday’s shellacking. The comparative indexes are below:
The idiocy spread for FMG has a rapidly rising IQ and those of RIO and BHP have stalled at force 9 cretinism. I remain convinced that they are the next two dominoes, though when who knows?
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The junior mausoleum is also seeing a little relief today but the shroud has not lifted:
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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.
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