it will be heading back up next with new buyers that will drive clf above 40,no reason for it to be down this much, its already been sold off heavily in the last 12 months, today is like a capitulation day with those who bought around 30-35 taking profits..probably back above 37 monday/tuesday and testing 40 before the end of next week, a new group of buyers today and next week will push it higher and ride it to 50-60 in the coming weeks
Longs have been looking for the elusive recovery in CLF for over a year. The traders are in clear control of this stock and until it builds a strong base, it will not recover. I own RIG, it took a solid year to build a base and broke out to the upside when the news of their settlement came. CLF for me is only a stock to trade, nothing more and I would certainly not hold it long term.
Keep dreaming. This whole sector is in a bear market and that isn't going to change. CLF can't even build a strong base and that's what it needs to make a recovery. How CLF ever got to $100 is beyond me, but this market loves to make bubbles and then break them. The coal stocks have made lower highs for 3 months straight, which doesn't bode well for CLF. The rebound today was non exsistent and we haven't even gotten to the real correction that will soon be coming in the market.
The market is at a five year high. Buying at a five year high does not seem like the way to make money. I agree with Oliviajagger that a correction will soon be coming. Better prices await for buyers of CLF stock.