Cliffs Natural Resources aka “the Cliff-hanger”
Cliffs reported yesterday an impressive beat on the top line and bottom line yesterday after the bell! More impressive still might be reaffirmation of production levels and sales forecast for 2014 up +5% from 2013 guidance.
The commodity super-cycle is far from back but the deathbed that many ore and coal miners were placed on was pre-mature.
Cliffs gets 25% of their reserves from Asia. Ore is 83% of their business and coal 17%. The chart says YES as today the stock challenges 6 month highs and the one year chart reaffirms an uptrend.
Position – LONG