FCX, SCCO, GDX - miners..slaughtered

A disastrous day for the mining sector. Leading copper miners FCX and SCCO declined by 6.0 and 2.8% respectively. The sector as a whole lost around 5%, with GDX in the $37s. Near term trend looks weak. There is no sign of a floor yet.


FCX, daily

SCCO, daily

GDX, daily

Summary

As a whole, it was the worse day for the miners in a very long time. Even the high quality giants like Freeport McMoran (FCX) and Southern Copper (SCCO) saw very significant declines.

What is clear, there is absolutely no sign of a levelling/turn phase.

In terms of the main market, if the SP' retraces down to around sp'1490/80, we could probably expect another 2-4 days lower for the miners..before there is any chance of a bounce.

*major sell-side volume..as seen on all charts.