BHP's Half-Year Earnings: No, Profits Didn't Drop By 90%

$BHP Group Ltd(BHP.AU)$ 's half-year earnings were on par with the prior year period but non-cash charges caused some confusion.
Nickel prices have indeed crashed, but the metal is a small contributor to the company's bottom line.

Unfortunately for mining investors ( $SPDR S&P Metals & Mining ETF(XME.US)$ ), the sector has been negatively correlated to technology ( $The Technology Select Sector SPDR® Fund(XLK.US)$ ) so far this year:

To some extent, this makes sense as technology is a disinflation play while mining is an inflation hedge, but I think the algorithmic trading may be taking this correlation a bit out of proportion. Nvidia ( $NVIDIA(NVDA.US)$ ) making new highs every day seems to be interpreted as bearish for the mining sector, and I don't think that will continue for very long.
Smart money also appears to have been adding mining stocks. For example, Stanley Druckenmiller's Duquesne seems to have added Barrick Gold ( $Barrick Gold(GOLD.US)$ ), Freeport-McMoRan ( $Freeport-McMoRan(FCX.US)$ ) and Newmont ( $Newmont(NEM.US)$ ):