Just a lucky Fib guess come true. From 66.5 down to 50.5 is too much overdone. I think it will bounce back harder in coming days.
Tomstrays, with "Credit Suisse forecasts iron ore prices to drop from $175US a tone to $85US a tone in the next five years". IMO, resources is limit but World population increases from time to time. Ppl need foods, water, house, car, plane, transport, etc (including weapons for defense/war), so I think IO (including coal) are needed for hundreds year ahead and IO price may stay high for long time. That is why GFC is one of the best opportunities for life time investment. Any one who put big $ in resources stocks (GIR, BCI, MGX, OZL, FMG, MCC, RIV,PNA, AKM, BTU, etc) at that low levels (Dec 08/Jan 09) is biggest winner now.
Princess1, good on you. I still hold some FMS @ 13/14 and waiting for higher.
The above is my guess only, can be right/wrong. Good luck to all.
SDL Price at posting:
56.0¢ Sentiment: Buy Disclosure: Held
