I think there is much to be said when CLF is up on a major down day for the overall market. I still think there is a little more upside, but this rally is getting long in the tooth, I am selectively shorting CLF and JOY. In my opinion it is fairly priced, but if it moves upward of its 100 day average, with earnings coming, I might have to go long. However, if the markets start to give back, all bets are off. I think CLF is in no man's land at the moment.
rurk, I wonder how did you come up the 36.5 as the high. I am thinking the same way but it is more an instinct. Closed all put and call this morning. making a cover call 30 for Jan 13 to protect my core holding.