I have to agree with you by measuring the SP metrics. It "feels" like the market is pricing AGO/BCI for the inevitable failure. I took one look at BHP lastweek on that monthly support break chart and the GFC rout experiences I went through suddenly flashes past!
No doubt a lot here have been trying to guess the bottom but the crude oil is a very good measure of the fright in world growth. OPEC producers thinks $65 is the bottom of the cycle and GFC lows was half that so I think we could be entering a lot more selling indiscriminate. Only the strong balance sheet will survive this time and you just can't get past the big boys bhp/rio who incidentally are still making very good $$ at these sort of IO price. Not sure how BHP is doing at these level of crude though.
AGO Price at posting:
14.5¢ Sentiment: None Disclosure: Not Held
BCI Price at posting:
44.0¢ Sentiment: None Disclosure: Not Held
BHP Price at posting:
$29.04 Sentiment: None Disclosure: Not Held
FMG Price at posting:
$2.55 Sentiment: None Disclosure: Not Held
GRR Price at posting:
10.5¢ Sentiment: None Disclosure: Not Held
MGX Price at posting:
20.0¢ Sentiment: None Disclosure: Not Held
RIO Price at posting:
$55.72 Sentiment: None Disclosure: Not Held
AJM Price at posting:
7.5¢ Sentiment: None Disclosure: Not Held
