We need to hear what the guidance is in the morning. Stocks with great quarters aren't being rewarded if they have weak guidance. Based on what VALE management has said to date, I don't think the guidance will be weak. I think they will argue the demand will be there to support the price regardless of increased supply and that all the fear of substantive price erosion in 2014 is overblown and unwarranted. IF they say this, the stock will continue it's climb to the mid-$20's in the coming months. GLTA
I've owned this stock for about 2 years. I sold Nov 16 expiration $17 strike covered calls, and I will gladly let the shares go at $17. The problem that many on this board don't realize is that there is a lot of new I/O supply coming on board the next 2 years and I/o pricing is going to decline. In fact, many in the field are forecasting that we may see I/O going back to $100/ton or less within 2 years. Earnings next year are projected to be less than this year.
I hope the price goes to $20+, but if my shares get taken at $17 on Nov 16, I will gladly let them go
Good luck to all the longs