The big iron crash rolled in this morning before the bottom feeders arrived. BHP opened at new lows in the $16s before bouncing 1%, RIO was down -4.5% but is now back to -1.5% and FMG is down another ridiculous -1.2% only:
On death row there is only…death:
Dalian is up two points at the open and we’re well oversold here so a bounce would be normal even if this ain’t the bottom by some distance.
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Gas is finding some support with WPL and OSH up 2%, STO up 3.3% but ORG is down -2.2% and LNG is flat:
Why anyone would buy WPL today I have no idea. It is the new RIO of gas having failed to de-rate with the wider sector and looks very vulnerable.
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