ASX200 takes out the 2015 low

Well there it is. The ASX200 is down nearly 2% on the open this morning as a bath of blood continues to overflow, down to 4900 points and below the 2015 intrasession lows:

BHP is down a whopping 4% to below $16 a share and taking out a new 12 year low:

Fortescue in death throes, down nearly 6% to $1.53 and on its GFC lows:

But don’t be alarmed!

Bank stocks are doing fine. Well, kind of. They’re also down 2% or so across the board, but the financials index remains strong.

Although the last two years of price appreciation are about to be taken out.

Time to buy the dip?