Friday, August 10, 2012
Battle at $47.30!
Do or die time for Cliffs Natural Resources. The stock is approaching a huge level at 47.30. My bias is leaning on the short side and I believe the coal sector is due for some more pain. That being said, the bull case is that CLF does have a 5.5% yield which is much more significant than treasuries. Longer term investors might see CLF as a value play as well but a test and clear fail of 47-47.30 would put CLF in favor of the bears.
No position at this time. Position declarations are believed to be accurate at time of writing but may change at any time and without notice.