I did say when the time comes they'll be the main players shorting the stock, As for now, No I don't think its time.
AGO is synonymous for knee jerk price actions, The last dip to $1.085 a couple mentioned $1.00 was on the cards, yet the next day it rallied .10c and following days closed over $1.20
In this climate of indecision about what may happen (will they wont they taper) some are talking the need for a bigger retracement and some are talking for a run to $1.36 and higher
The point in nobody knows, so best remain with whatever strategy your using
What will drive the share price of the IO plays:
Will china grow -Yes
Will China import more IO in 2014-Yes
Will the Chinese government stop supporting many mills -Yes
Will the cost of producing IO in China rise due to environmental issue's -Yes
China has only just reached levels of consumption of a developed country.
AGO production growing
IO price range bound between healthy levels
USA-EU in growth phase
AGO pre-sales 60%
"somehow, I am still convinced that the iron ore has run its course for the short term so a correction will be happening soon"
Possible yes but in the mind set a people $80 will be seen as the correction point, it may retrace now to 120/t that to me will not trigger panic selling, 100/t will be worse case scenario.
"misstep the majority"
super, your definitely right on this one, the point is they are all still bearish on IO yet quietly taking up positions in AGO / ARI / FMG
AGO Price at posting:
$1.15 Sentiment: Buy Disclosure: Held
