Would love to see short covering rally in last hour to close near HoD if this is a capitulation but selling is relentless so far - probably lots of buyers in the 30's and 20's who went on margin thinking it must have bottomed... NOT.
I would sure hope so, this has traded 1/4 of its outstanding shares today, that should wash out a lot of people and give the shorts the volume to cover, this is the 18 level that if I wasn't loaded elsewhere and on margin that I would buy. The news out doesn't justify this type of reaction, sheer capitulation by a lot of people
rld.. why analysts are worried about IO price in 2015. Anything can happen. if economy moves up and steel consumption increases, io price will stabilize or even go up.instead predicting the over supply and crash of io price.
CLF'S is oversold at this point. IO is selling between $120-$150 this quarter and the stock is priced as if IO was at the $80/ton that Credit Swisse estimates. The market looks weak for Iron Ore but if economies in China and India pick up, this stock will FLY. A lot of shorts and they will have to cover. Just bought in today and may buy more tomorrow.
fwiw Goldman actually sorta kinda maybe "upgraded it" from sell to neutral, that's IF you think that what their sell side desk is doing is the same as what their prop desk is doing, which is usually NOT the case, so who knows lol!