Cleveland-Cliffs: We're Contenders Now

Flying under-the-radar today would seem to be several materials plays snapping back amid the Dollar softening. 

Cleveland-Cliffs, below on the daily chart, is an excellent example of a "hammer" reversal candlestick from Halloween.

The elements for this hammer are fulfilled, as we have 1) A prior, steep downdraft 2) A big move down, followed by a sharp upside reversal to close near session highs (a red close is still acceptable, though) 3) Fairly immediate follow-through higher which is emboldened by....4) A gap up which has thus far held. 

The strength today is another notch in the belt for the bull case for at least some type of further rally here. To be clear, a major new bull run has been elusive for materials miners since very early this year. 

However, one can envision a run into the holidays if the Dollar cools off, or at least into the December FOMC. 

Beyond non-precious miners like CLF TECK, also note precious mining ETFs like GDX and SIL are both at critical long-term levels to hold.