FMG - Fortescue Ltd

[joeyjoejoe]

man im kicking myself. i sold my 1.50 parcel.. for 2.00 on friday thinking the asx would be down on monday (it is 63.5 in the red) no news.. and hits a high of 2.93 cant belive it.. it feels equally as bad as actually losing 40% on a trade

 

[GundamZeta]

....

what happened today ??

FMG suddenly leaped from around $2.15 to $2.93 (40%++ increase on SP)

Some institutional investor bought in ??

Damn missed the boat

yes so am i... miss the chance..
by the way, it seems too late to buy it now as the price is 2.8 now... unless another rally for FMG tomorrow... but who knows? don't want to gamble on it.

 

[Prospector]

Maybe coincidental but FMS is starting to increase too! Dont stress on it GundamZeta, tomorrow I might be cross because I didnt sell today! You just do what you think is the right thing to do at the time.

 

[gav]

Before the market opened I seen a few buyers wanting to buy a few hundred thousand shares around the $2.20 mark. I thought that was a bit strange... Maybe they knew something we dont?

 

[agro]

i am tipping it has something to do with the Cazaly land that RIO was debating

RIO have to sell assets i think because they are in debt

 

[kkyyoo]

"SHARES in Fortescue Metals Group jumped 34 per cent in afternoon trading, hitting $2.77.

Two traders attribute today’s FMG share price strength to the recent completion of a large share sale by Russia’s Magnitogorsk Iron & Steel, which they say sold just over 150 million shares (5.4 per cent) over the past few months.

An FMG spokesman said the company has no comment.

Dow Jones Newswires"

Is this why? completion of selling pressure by the Russian co?

 

[agro]

where's the critiques now huh!!!

* Iron ore miner Fortescue Metals Group soared 40 percent, boosted by rumours that BHP Billiton may make a takeover bid or Chinese firms may seek a stake in Fortescue.

The stock leapt as high as A$2.93 before easing back to A$2.86.

Speculation centred on either Chinese interests taking a stake in Fortescue or BHP making a takeover bid for the firm, having dropped its $66 billion bid for rival Rio Tinto last week, mining analysts said.

Both Fortescue and BHP declined to comment.

Fortescue is one of the bigger targets for short sellers, according to figures from the Australian Securities Exchange.

 

[Sean K]

where's the critiques now huh!!!

Agro, I hope for longs that it keeps going up, but rejoicing like this over an intra day move can come back to bight you. Too much emotion here.

 

[stockwatcher51]

All very interesting.
I would think a lot of this is speculative. watch for a bit of a sell off tomorrow.

 

[njc.corp]

i seen todays jump- impress me a little but for me to get back in i got to see a lot of these jumps wether its 5-10 cents-but is got to be everyday- doubt that can happen in this market state

and the volume got to be their too-

when was the last time we seen fmg in the 15 mil+ volume- give me stats people

its good to see some people make a dollar for a change-

happy trading to all-

Thanks

Nick--

 

[Nick Radge]

where's the critiques now huh!!!

21% of nothing is nothing...

On a serious note, prices tested the October lows on ultra high volume and finished with a weak close. A lot of bearish confluence there...




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[skyQuake]

Fortescue is one of the bigger targets for short sellers, according to figures from the Australian Securities Exchange.

was


Daily Gross Short Sales reported for 28-Nov-2008

FMG FORTESCUE METALS GROUP LTD FPO 2,000,099 2,807,438,770

=0.07% short.

 

[MichaelD]

where's the critiques now huh!!!

Still here. Still have no current position in FMG, although today came close to signalling an entry in one of my short term systems.

Agro, I hope for your sake it's not a big seller faking up the price to suck the punters in so they can offload at a better price. If it is, the price action's going to get ugly again very soon. There's now a ton of new punters in this stock at between $2 and $3 (including yourself) who'll all be looking for a breakeven exit if things go south from here, and they'll hold the price down for a while yet I would think.

Good luck with the gamble.

 

[agro]

Still here. Still have no current position in FMG, although today came close to signalling an entry in one of my short term systems.

Agro, I hope for your sake it's not a big seller faking up the price to suck the punters in so they can offload at a better price. If it is, the price action's going to get ugly again very soon. There's now a ton of new punters in this stock at between $2 and $3 (including yourself) who'll all be looking for a breakeven exit if things go south from here, and they'll hold the price down for a while yet I would think.

Good luck with the gamble.

i am starting to accumulate this now

looks like its heading higher



no chance of it going under $2 now

 

[agro]

not listening to critiques any more - they just inspire me to know i am on the right direction

bought more

now its up 8% high of 2.70

thanks critiques

 

[impala_group]

i am starting to accumulate this now

looks like its heading higher



no chance of it going under $2 now

I take that as light joke - Agro. haha

I actually i think it might get below 2 bucks...., got rid of my holding and waiting for an entry below the $2 mark. Historically, i think FMG tends to retrace back after huge spikes in SP.

On the other hand, this depends on whether the rumours are confirmed soon.

 

[agro]

I take that as light joke - Agro. haha

I actually i think it might get below 2 bucks...., got rid of my holding and waiting for an entry below the $2 mark. Historically, i think FMG tends to retrace back after huge spikes in SP.

On the other hand, this depends on whether the rumours are confirmed soon.

reminds me of the old FMG up 10-20% each day

volume is increasing too

i dont think it will go under $2 unfortunately

 

[impala_group]

reminds me of the old FMG up 10-20% each day

volume is increasing too

i dont think it will go under $2 unfortunately

Its looking like that now....will wait and see. the market might be falling head over heals all over agin

 

[Trembling Hand]

Just a point on comparing previous volume on disaster stocks like FMG D)

Its better to compare $ flows rather than volume when something gets cut by 80%. Obviously the volume will increase but its attracting a lot less interest than it was this time last year.

Avg daily turn over for November 07 = $37,000,000

Avg daily turn over for November 08 = $24,000,000

 

[Prospector]

I have been too scared to log in to my online trading account as I hate seeing all the red. Are you saying that FMG is green?