I have been playing FMG fortunately closed my shorts too early at $5.36. Second time I have done ok. I think FMG is a fantastically run company but the debt is huge and will take years to pay back - assuming the iron ore price holds up. I have watched it many years certainly not a stock for the faint hearted. Personally I cant see it getting through $6 without resistance so will short it again on Monday hopefully above $5.70 which is the level I have used. Will short 50 000 shares and top up if it gets to $5.90 but stop out at $6.20. Sell half under $5.40. I think it will be range bound for a while unless the iron ore price collapses. Don't think it is a dangerous one to short at these prices but people probably sais same at $4!!
