based on how they beat Q1 and Q2, and that IO pricing has held up better than forecasted, I am completely surprised that CLF has not been able to hold $22 - $24.
We will know soon which way this trade going forward.
Shorts still have this firmly in their grasp - Little vol today even though DOW up 230pts tells me shorts are not covering today. Able to drop it 30 cents from 20.98 in less than 30 minutes after taking half the day to get there is telling IMO.
Maybe they should pay more attention, Oct 2013 $23 strike just saw a big percentage pick up in volume, passed the $21 strike.