Actually, you were saying this until our little discussion 1.5 weeks ago:
"Yes, macroeconomic analysts believed there would be a 3% GDP. That was the forecast and it was off significantly. You think they actually estimate for the hell of it?
Listen, let's be honest here... In healthy economies, the materials tend to go up first, since they're the "building blocks" of the economy. Look at copper, steel, aluminum... everything. They're trying to tell you something. This stock market has nothing but air under it. There is a disconnect between stock market and the real economic situation of the country. Once the momentum in the stock market (mainly jetfueled by computers and maybe easy printing by the Fed) subsides, you will see a "back to reality" scenario. Most smart money already knows this and they've been raising cash for the past month or so.
Fundamentals need to strengthen before the market can legitimately rise on its own feet. People under 35 have no idea what fundamentals actually look like... They've never seen them in their lifetime!
Then you have the weakening dollar. Usually materials go higher as the dollar weakens. That's not happening this time. This is another major cause for concern. The economic picture isn't looking too good.
All I can say is... Stay thirsty and keep drinking, my friends!"
I believe I posted that in late April when the stock was near 22. I bought CLF about 12% lower on May 2 at the absolute lows of the day 19.05. And don't forget my post on May 3...
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Safe sailing to 21.90 (next resistance)
by velvet_revolvah • May 3, 2013 9:38 AM
As I said in an earlier post, support would be 19.05 (perfect buying spot)... Next stop 21.90, then we see what happens. CLF has room to run from here. Good luck everyone!
Now that it blew past its first real resistance, shorts will probably be jacking the price out for a while via forced covering. You will see this unravel in the upcoming days.
I believed that wholeheartedly and I was answering a message about macroeconomics analysts. But shortly thereafter I saw moves in basic metals, which could not be unnoticed and...
I entered the stock for 19.08 --- http://finance.yahoo.com/mbview/threadview/;_ylt=AkuiBQkmITnAsIHYDLaP.ireAohG;_ylu=X3oDMTB2NnNuZWNlBHBvcwM0OARzZWMDTWVkaWFNc2dCb2FyZHNYSFJVbHQ-;_ylg=X3oDMTByMXRqMm81BGxhbmcDZW4tVVMEdGVzdANOYWNlbGxlX09mZg--;_ylv=3?&bn=91f9fec9-b080-3742-97a5-5c392b5f40a4&tid=1367506681039-84ab65e3-8291-4c30-8c03-278703b0a907
and several other basic material stocks. That is why I do my own research.
So far so good but all it will take to reverse this trend is a news from China about how their economy got stalled. We are seeing some encouraging signs in the global markets about economy getting back on track. I agree that with more positive news coming in we will see $35-$40 in a month. There are still a lot of retail investors waiting on the sidelines scratching their heads. So we need more evidence of improving economic activity across the world before we can get more excited.