1pm update - declining junk

Whilst the broader market remains churning.. if moderately lower, there is notable weakness in the usual junk suspects. Freeport McMoran (FCX) and Seadrill (SDRL) are lower by -7% and -11% respectively.. mid term outlook remains dire.


FCX, daily

SDRL, daily

Summary

*a note on the metals.. with Gold -$2, although the mining stocks are holding up.. with GDX +0.4%.

Both the metals and miners still look set for further downside as part of a natural retrace.
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As for FCX and SDRL... its notable than even when the market is down just a little, the 'junk' gets utterly smashed.. usually by at least 5-7%.

If you consider the sp'1600s as likely.. then do the math for FCX and SDRL. Neither look set to be around for the long term.
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back at 2pm.   maybe.