Morning Traders Friday 5 th August, page-27

The current exuberance is built on the fact that most people were selling when they felt the debt couldn't be repaid. Since the restructure and minor recovery in steel + lower Au that risk is gone, so the trend is positive.

How high will it go? that's a great question, it looks stretched now.. dividend is low ~1.2%, it still has a mountain of debt to pay off, even though it has longer timeframes to do that and steel is predicted to drop back to 45-50/tonne early next year.. with a yearly average of $58/t predicted, their margins are okay (~20AUD/tonne, 15USD/tonne) but their actual profits will be pretty low for the next 3-5 years because of debt, unless steel flies again.

I'd say short when it breaks down from the trend, not before. like Dominoes, australians have shown their irrationality towards national icons really doesn't know any bounds. Don't fight the trend.