....IO prices out of China are still around 150/mt.....with respect to CLF.....has been channeling between 35 and 40 for the last 45 days...play the channel and make money...."the trend is your friend!"
Technically speaking the channel is broken and that was a descending triangle that got broken on Friday.
In terms of why its up today is because ACI reports. Its a metallurgic coal company and this will effect CLF. Usually, when you see a nice sell off prior to earnings, such as AMZN, you could possibly get a pop in the other direction, because its so oversold. I think were seeing this here and could see a major pop in CLF tomorrow into Thursday. At that point, they will probably bring it back to 40 to expire all the options worthless.
Im looking for a nice pop tomorrow and into Wednesday. Should still get some buying hopefully off of a short squeeze into Thursday and looking for a possible 43 sell price here on this one.
Good luck to all. Things could always change if ACI just reports horrible.