A little reality is creeping into the local idiot market today with BHP and RIO slammed -2.5% and FMG hit -5%:
Dalian is up three points during the day so the damage would be much worse without Samarco.
The damage is much worse for energy with WPL hit -2.5% and fast approaching technical free fall, its target OSH is down a little more and surely the asinine bid is on its last legs, STO has been pole-axed to a new low down -7% and ORG is off -5.5% and also in free fall, LNG is down -4% and should be at zero:
Brent has failed to bounce at all during the day and more pain lies ahead in my view.
It is not too much of an exaggeration to say that the greatest mining boom in Australian history is going bust right before our eyes. That the bond market and dollar are happy to bet on some magical “rebalancing” in the economy today as one half of Australian export firms explode is kind of incredible.
