29Aug2:09 pmEST

If Your Friends Wanted to Buy Cliffs, Would You Too?

In addition to the major global mining players, such as BHP RIO VALE, a good pulse into risk appetite regarding the XME sector is the Cleveland-based, Cleveland-Cliffs Inc, formerly Cliffs Natural Resources Inc., a non-precious mining and natural resources firm. 

On the CLF daily chart, below, we saw a sharp spike up over the last hour or so, taking the stock above the pivotal $8 area which coincides with the 200-day simple moving average (yellow line). 

To be sure, even though CLF's 200-day is now rising, the chart is far from neat and tidy for bulls. As a result, much like the precious metals and miners we can expect some rocky waters even if a new bull run in all things materials and miners comes to fruition over the next few months. 

At the moment, we have contentious debate taking shape, where most miners are at long-term crossroads from a technical perspective. But there is no doubt that most of them are making technical strides this week and it is likely a, well, golden opportunity to seize for gold bugs into autumn as many continue to focus on cryptocurrencies and the like. 

Circling back to the non-precious CLF, though, to close this week (and next week, especially, after the holiday) above $8 ought to be considered a very bullish development for sector risk appetite. 

Begging for a Bailout from D... Stock Market Recap 08/29/17 ...


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