This stock's moves are often ahead of the market: it's a great indicator.
Smart money is seeing a reversal, which is very probable.
CLF is so undervalued.
For once we almost agree. Yesterday wasn't smart money selling today will be smart money selling the dead cat bounce. Yesterday was a last minute bail on the former Greek PM comments minutes before the close. I bought 20x Jun50 puts on monday in prep for the selloff. Feeling pretty smart today. CLF is a broken stock for the moment but puts I've had all year have really softened the blow. I expect it at 48 today which will be a double for me on my puts.
Sorry to burst your bubble, and I own CLF myself, but there was nothing in yesterdays move to suggest anything but a bear market bounce. And buyers during a bear market bounce usually turn out to be dumb money.
Yesterday was macro-driven and a broader market short-covering
rally with a 2.54 Beta, it was a short-term relief spike...
downward bias still intact.
July 23rd Q2 EPS will fall short of $1.96 estimate
to maybe $1.50-$1.60 on compressed margins.