Every investor has been well aware of the economic problems in the U.S. and Europe for months - if not longer - with daily pages and news continuing to tell us how bad it is.
But last night Australian time on Wall Street holders of equities decided to say enough, reached for the sell button - then whacked it senseless.
The impact on the profitable Australian resource sector, is all of the top 20 ASX resource stocks by market capitalisation are in the red in intra-day trade, and not just by a little bit either.
First on the chopping block is Ivanhoe Australia (ASX: IVA) with a 12% plunge to $2.21, followed by the out of favour uranium play Paladin Energy (ASX: PDN) which has been sold off 9.4% to $2.21.
Also being battered senseless is Atlas Iron (ASX: AGO) down 9.3% to $3.69 with rare earth focused Lynas Corporation (ASX: LYC) off 9.3% to $1.90.
The downward spiral has sucked many more in, with Sundance Resources (ASX: SDL) shedding 7.9% to $0.46 - which is quite odd considering the $0.50 takeover offer on the table, with Mount Gibson Iron (ASX: MGX) savaged 7.6% $1.52.
Highlighting the extent of the sell-off, other major miners falling by more than six per cent include Iluka Resources (ASX: ILU) $15.56, PanAust (ASX: PNA) $3.65, Alumina (ASX: AWC) $1.86, OZ Minerals (ASX: OZL) $12.17, Fortescue Metals Group (ASX: FMG) $5.76 and Gloucester Coal (ASX: GCL) $8.46.
Down by more than five per cent - which would be massive in itself on any other day than today - was Woodside Petroleum (ASX: WPL) $34.35, New Hope Corporation (ASX: NHC) $4.88, Santos (ASX: STO) $11.66 and Rio Tinto (ASX: RIO) $72.69 (a little harsh after the $7 billion half year profit!).
Rounding off the sector, Oil Search (ASX: OSH) is 4.7% weaker at $6.25, as BHP Billiton (ASX: BHP) is down 3.8% to $38.53, with Newcrest Mining (ASX: NCM) off 3.3% to $39.33 and Macarthur Coal (ASX: MCC) easing 2.7% to $15.36.
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