PERSONALLY starting to look towards the SHORT side again (last one smacked me in the chops)............. not entered as yet but watching like a hawk
but for a few of my latest calls on the forums one would be prolly better off going the opposite way
yeah i am looking at shorting this on monday..... it seems to have had a nice trend of 28 - 32 over the past few months. I think this break through will be short lived dropping back down to $30 mark, however after that if it can through the $34 mark again i think it will begin a new range of $32 - $36
Agree, will look to close short quick on this since the markets turn quickly and there is a lot of support for stocks like BHP when things turn positive. Looking at an exit at around $32 at the very least, but expecting a drop to around $30-31 and support to hold there for this down leg. Depends on the volume/price movements and watching US futures closely in case some miraculous bailout of GM/Chrysler eventuates and there's a sharp rally up.
More than happy to go long as soon as the tide turns... just following the masses still.
Iron ore miners 'agree to 40% price cut'
31st March 2009, 15:10 WST
Rio Tinto Ltd and BHP Billiton Ltd have reportedly agreed to a temporary 40 per cent cut to iron ore prices, China's steel mills say.
The China Iron and Steel Association (CISA) said reduced prices would be in place until a formal benchmark deal was done, according to a Merrill Lynch report.
The current benchmark price of about $US92 per tonne for iron ore fines and $US129 for iron ore lump was negotiated when prices were at historic highs, but ends for many contracts this week.
Steelmakers typically continue paying last year's prices until the new benchmark rate is settled but have reportedly asked that a lower temporary rate be established.
The iron ore price is traditionally negotiated between steel makers and the three largest iron ore producers - Brazil's Vale, Rio Tinto and BHP Billiton.
"We think it is possible that a temporary price deal has been done between the iron ore majors and China's steel mills," Merrill Lynch analysts led by Tom Price said in a note to clients.
Spokesmen at both BHP Billiton and Rio Tinto refused to comment on the price negotiations while they were ongoing.
Demand for iron ore has fallen steeply in recent times, after steel production rates dropped between 30 and 50 per cent in key markets as the global economic crisis took hold.
The Merrill Lynch report said BHP Billiton is likely to set the final benchmark deal, with Brazil's iron ore giant Vale taking a back seat in the talks.
Rio Tinto may also stay out of the talks while it develops a corporate relationship with consumers, the report said.
Chinese steelmakers are the world's largest buyers of iron ore.
AAP
Not intrested in trade ideas as already got my own , mainly tryting to guage ppl,s confidence in this stock as a blue chip investment
i did have a gloat post earlier but it was a worthless adition to this thread and was removed
fair enough , it was just a gloat after all
however . this one not so worthless
ANYONE . ......... anyone consider the ramifications of these price negotatiations on BHP bottom line seeing as they already got there profit hammered on last report and THAT was on boomtime prices ??
do people still regard BHP as an investment stock at these levels?
Not intrested in trade ideas as already got my own , mainly tryting to guage ppl,s confidence in this stock as a blue chip investment
Was a good move at the time. Failed on queue, again. Did you change it for a short?I sold my piece at 34.4. Chart attached, most likely a part of a large push up but I would like to play it safe in these bitchy markets.
Was a good move at the time. Failed on queue, again. Did you change it for a short?
Going though again, intraday, but I must say, I have no confidence in it keeping above the $34 line, it's disappouinted again and again around this level.
Anyway, I'm waiting to see how it goes here. Breaking through this level may be quite significant I think.
BHP chart looking pretty good again for a break of $34.
Chart enclosed, next significant resistence line is ~$40.
wonder.
Nun, this short is looking ordinary, have you covered, or what?
Chart wise, this looks like long term material, until it breaks back down.
Like RIO at $30 ish, and BHP at $20 ish, what AWESOME short term opportunities!!!!!
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