It simply may be that the entier market is the problem for CLF today?
The entire space CLF operates in closed at the lows of the day.
1. VIX is up 6%.
2 S&P and NAS closed on lows at lower daily volumes.
3. DOW closed above normal daily volume and maybe this is due to how far it fell below its 50DM.
4. Lots of technical weakness in play today, separate from the MS report.
5. Mr. Obama returns from vacation and thinks it more important to deal with Dodd Frank and making it harder for businesses and individuals to get loans.
6. WS still waiting for clarity on interest rates and bond buying program.
7. Bond prices gone wild w/ 2year at 2.90% or so.
All this equals to another bad day overall.
trnd, I believe, is favorable. Need traders to come back into the market to offset the carnage a few people can do when the buyers are away.