Went from short to long last Friday. Why? We had technical and seller exhaustion. And with a little m&a talk being short did not seem smart. Was that a mistake.
Well instead we get the double whammy of China and UBS saying I/O would fall hard. (UBS' track history is beyond bad) But CLF is so damn weak and got crushed again.
Hammered, Down 5% is a day. Only CLF does this to ya.
Now what to do:
I said I would hold the trade (it's a trade) til Tuesday. Here we are. I'm smelling a good jobs report and w/ the s&p holding a possibly new market high. (dangerous cause it does look toppy) Gonna hold and try to get flat to sell. Still playing a short term bounce to maybe $28, but long term I am with RL, Jagger and a few other. This baby is in serious trouble.
And here is what BMO said: failed corporate strategies.
Thats a little different then past analysts updates. Now they are openly saying that the corporate strategy failed. What's the new one?? This will not turn unless management is replaced. IMHO