I was worried when I woke up this morning and saw the recovery...

I was worried when I woke up this morning and saw the recovery in DOW, I thought did Europe finally pull the finger out of its @#$ and did something?

5mins later of reading some news I was happily reassured that europe being europe has done nothing, the deluge got postoned. I mean you would think Greece would be top of agenda for those clowns... but not even a mention

I still stand by my Tuesday guess of a down day for FMG (at the bell), unless the port expansion approvals comes.

On other fronts that some might deem this useless and unsubstantiated. China's second biggest steel maker An-steel came out with a 2011 FY loss of 2.2 billion RMB, but don't worry its like 6 RMB to 1 AUD, so its not that serious. The more interesting bit is up to 3rd quarter FY2011, the company was sitting on profit of 300million+ RMB, so the losses came in all at 4th quarter. Nippon steel also losing money, and they were in profit at the end of 3rd quarter also. Hmmm the steel makers are losing money left right centre, increasing to warp speed in the 4th quarter, I wonder what this means... they probably need to buy more iron ore at high high prices... that must be it