Thursday, October 18, 2012

Another reason to be optimistic?

A couple posts back I noted that I feel better about the markets and the economy in general when I start seeing bullish patterns forming in a variety of stocks and markets. (Unless it is the long bond market! LOL)
Here is a sign of a possible bottom in Cliffs Natural Resources. They mine iron.

When this stock gets hot it gets hot. But right now I still feel it needs to make another small top here. Then, IF it goes higher it has a good chance of a sustained trend.

But it is seeing things like this that give me an indication of the general strength of the world economy. There is some accumulation going on in this stock or lots of shorts covering. I don't know. I don't really care. I trade the price and the volume. It is probably a combination of those reasons.

Control risk.

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