Banks haven't been torched by an average 90%.. they will recover, but I think when a company has 90% of its asset value expunged in such a short period, any shred of positive sentiment is gone. Problem with the iron ore sector is that this is not company specific. The whole sector has effectively been priced as "finished". Raising any degree of confidence now will take years and how many of these entities will be left .. other than the big two... or maybe just one (BHP). What we are witnessing here is a whole sector being priced into oblivion.
FMG is being sold off as fast as the refresh button will allow. $1.35 now!
