iron ore up $1 today to $118.20, page-3

Looks like it will be good day for FMG with all of the following ducks lining up.

• Iron ore spot = 118.20, up 0.9%.


• Iron ore futures (Dalian) up 2.6%.


• RIO up 2.48% in London and up 3.02% in New York.


• BHP up 0.62% in London and up 2.03% in New York.


• The present Ukraine scenario will probably only be a distraction to the markets rather than a reason for a sell off.


• Alcoa's report overall positive, which sets the mood for the SP500 this week.


• The SP500 bounced off the 50 day ma, around 1840, and closed at 1852.

10 minutes or so out from FMG’s open today and the match price is impressive at 572.

In addition, I suspect that traders and investors will have the FMG target of 600 to 625 in sight. That is, as profit takers and as a short opening opportunity. The intraday high on 24-Feb was 622, which is a double top with March 2012. Maybe shorters at the 620 level or so will get caught out this time and FMG will punch through to 700 ??