There will be dips and retraces, a volatile equity to say the least.
CLF has been a great short sell all year. IMO, the big players like GS and others will run this upwards next year and have already started this year. If for no other reason than this sector has been severely beaten down and there are greater profits to be made---easier money.
Short at the top if you are so inclined, not nearer the bottom, for best risk/reward---opposite for a long trade.
Either way, to each their own.
I am hardly a raging bull on CLF, I sold at $32 and decided to get back in yesterday at the close. The fact that it held $32 was impressive. This is one of the most beaten up sectors in the market. There are a lot better candidates to short then CLF. Time for the shorts to cover, CLF is going higher.