iron ore price, page-881

I was busy past few days looking for a car for a friend.

I am aware of the bounce but didn't have time to read all the posts until tonight.

And when I read, I am very impressed by the words of the posters with short positions. They are very very good and convincing about the danger and downside. They would be very successful car salesmen/women.

So, the shorters have a few boys on their side and I see only gassin and rcman supporting the long. I will join Gassin and rcman here and help the long side.

I might be wrong and if I am, I will accept egg on my face, but I feel short positions have grown use to having their way past 4 months and spoilt with successful calls on dead cat bounces. But here they now are wrong. FMG has embarked on an uptred lasting into March 2015 and back into the $3's and even $5. And if they don't accept and change position, they will lose all their short gains of past 4 months in the next 6-12 weeks.

If you ask me to justify, well I can't give you much. And people have done the talk of iron ore price, china, BHP bla bla to death.
I just base it on pure sentiment and I think sentiment had become too pessimistic and significant negativity had been priced in.

Even the observations below are sufficient and carries more weight than all the noise and discussion of supply, demand, china and negative talk of further weakness in iron ore and iron ore under $68/ton.

1. The directors buying a few weeks back at $2.75 area and more recently 2. Those Qty 500,000 orders going through. The directors didn't pick the bottom exactly, they are also human but as happened in 2013 during another tense bottom, they were not far from it. And on that occasion FMG went way above their entry in the end.

The MACD and RSI also looking good. Maybe a pullback in the next few days, but looks like will push through in the end.

I really wonder why the shorts keep pushin their luck.

Things like this should not be ignored. Leave you with this: Last time this happened, you had an 80% gain. Wow. That is no speculation, it is fact and is recorded on the chart forever as fact!