FMG - Fortescue Ltd

joeyjoejoe · 1 December 2008

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 · 1 December 2008

kkyyoo said:
....

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 · 1 December 2008

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 · 1 December 2008

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 · 1 December 2008

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 · 1 December 2008

"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 · 1 December 2008

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 · 1 December 2008

agro said:
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 · 1 December 2008

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

njc.corp · 1 December 2008

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 · 1 December 2008

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 · 1 December 2008

agro said:
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 · 1 December 2008

agro said:
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 · 2 December 2008

MichaelD said:
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 · 2 December 2008

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 · 2 December 2008

agro said:
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 · 2 December 2008

impala_group said:
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 · 2 December 2008

agro said:
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 · 2 December 2008

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 · 2 December 2008

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?

FMG - Fortescue Ltd

joeyjoejoe

GundamZeta

Prospector

Not a scaredy cat anymore

gav

agro

kkyyoo

agro

Sean K

Moderator

stockwatcher51

njc.corp

Nick Radge

skyQuake

MichaelD

Not fooled by randomness

agro

agro

impala_group

agro

impala_group

Trembling Hand

Can be found on the bid

Prospector

Not a scaredy cat anymore

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FMG - Fortescue Ltd

Not a scaredy cat anymore

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