I agree, but the scare tactics from MM's and news headlines will probably continue until a major catalyst drives this to a real fundamental value. Long term from anything below $20 is a gem. This is one of my only longs in the market. I also own some CLF at $21.50. Other than that I am short the entire market.
Once ESI breaks out of this long term down trend it will fly real high. I wouldn't doubt if it sees $60 once it does start to move. When it will happen is the golden question.