pingu219,Personally I'd be waiting for either the spike low or...

pingu219,

Personally I'd be waiting for either the spike low or alternatively a break from the 3940-4000 low which breaks out of a descending triangle running from the 4400 spike high before buying call options, warrants or futures.

Be careful if you're not experienced with options, warrants or futures, as their value will decay rapidly as the move closer to maturity and as volatility decreases once the market bottoms out. So timing is everything.

A safer bet which would return an extremely good return IF my target is roughly met, could be many of the mid-range iron ore stocks, with no risk of decay to 0 if the upside rally is slower than expected. Even with this though timing is relatively important - eg. MMX - assume it spikes to a 30c low and rallies to $3 - that's 900% vs (though still fantastic) 400% if you buy at 60c.

Don't take my comments or those of others as gospel and don't risk more than you can afford to lose.