Thanks Sara. Their breakdowns are identical to FMG. Doesn't bode...

Thanks Sara. Their breakdowns are identical to FMG. Doesn't bode well IMO.

S&P Futures chart suggests to me it wants a rally tonight, so might give us a top on Friday, with potential falls form there.

Of interest, something posted on FMG thread. Possibly provides some fundamentals supporting further falls in RIO (and presumably BHP also):

DJ MARKET TALK: Rio Tinto Loan Payment Looking Harder - UBS

2325 GMT [Dow Jones] UBS says more bearish commodity price forecasts mean Rio Tinto
(RIO.AU) may find it harder to make its term loan payments. UBS now estimates that Rio
will generate free cashflow of US$3.4 billion in 2H08 and US$2.4 billion in 1H09. Says
the company will need about US$7 billion in cashflow before October 2009 to pay a US$9
billion maturing term loan. "The implication is that the company may now need to
make asset sales or reduce its capex program in 2009 to meet its requirements under our
current commodity assumptions," UBS says. Cuts earning forecasts on a reduction in
iron ore output and lower commodity price forecasts; 2008 net profit forecast falls 9%,
2009 by 42% and 2010 by 35%. UBS is restricted from rating Rio as it is advising BHP
Billiton (BHP.AU) on its takeover bid. (APW)