Okay, that would make sense.
What is the cause for the $3 drop in pricing?
Also, why the official news that the BOARD approved $200 million buy back has done nothing for the stock when it was released 45 minutes ago?
The sell from The Street came out at 11 a.m. when the stock already has fallen. And, The Street has a SELL on CLF for the last year.
I don't see any news for this huge volume and drop. And, there is no dead cat bounce at all.
Does anyone have information why this is reacting this way?
Actually, I am amazed it is down only -20%. I thought there would be more panic selling but it was a very stable walk downward with lots of newbies jumping in all day thinking the caught the bottom. We need more idiots.
When every runs for the exits tomorrow, it will be nasty. Could have been worse but the market was green. IT IS HAMMER TIME tomorrow.
Definitely close in the $9's tomorrow. Could go to $8 also if the market turns bloody red,.
Just think of it that way. Then again, if you bought at $16, then you are down 50% if it drops to $8 by Friday.
This is going to bet really ugly with so many people losing their money.
Bloody tomorrow also, probably another -20% drop