Like any good idiot, you can’t keep the stock market down. After this morning’s superb FMG third QTR update – which does nothing to prevent bankruptcy in the longer term given it still sits very uncomfortably at $38 breakeven – the market has responded by buying every debt-distressed dirt monkey in site. BHP is up 1.9%, RIO is up 2.2% and FMG itself is up a well-earned if short term 7%. Dalian is flat:
But it’s not until we turn to gas that the true Dunciad reveals itself where despite more oil price falls, and opening at new lows, LNG stocks are soaring because they, too, mine iron ore. WPL is up 1%, OSH is up 4.3% as its bid drama rolls on, ORG is up 1% after earlier breaking to trading resumption lows and STO is flying 3%:
Get a lobotomy and get long (joking of course)!
