Cliffs Natural fades From The Intra-day Highs. Watch This Support Level
Cliffs Natural Resources Inc.(NYSE:CLF) has faded from its intra-day high this morning. The leading iron ore pellet producer may trade inverse to the U.S. Dollar Index, therefore, one eye must be kept on a U.S. Dollar Index chart at all times. The next important support area for CLF looks to be around the $98.00 level.
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This morning the S&P 500 e-mini futures(ES M1) are soaring higher by 12.50 points to 1281.50 per contract. The rally in the futures comes as the Japanese Nikkei 225 Index rose by 2.72 percent last night. The strength of the Japanese Yen has also pulled back sharply as the G7 said they will intervene to devalue the Japanese Yen.
This morning the S&P 500 e-mini futures(ES H1) are actually trading higher by 1.00 point to 1321.25 despite the surge higher in oil. Oil is trading higher today by $2.18 to $106.60 a barrel. This is a new 52 week high for crude as the violence in Libya continues to escalate. Other nations in the Middle East and Northern Africa continue to face protests and riots.
This morning some of the leading commodity stocks are trading higher. The move higher in the commodity stock complex comes as the U.S. Dollar Index trades lower by 0.35 cents to $77.05. The Shanghai Index also rallied higher last night by 0.50 percent and this usually helps to lift commodity stocks short term.
Cliffs Natural Resources Inc.(NYSE:CLF) is a leading iron ore pellet producer. The stock is trading higher today by $1.81 to $94.55 a share. The move higher comes as the U.S. Dollar Index has sold off sharply and many commodity stocks are catching a bid higher today. Short term traders should watch the $95.20 and $96.00 levels for intra-day resistance.
This morning, the highly followed Consumer Price Index(CPI) was released by the Labor Department. The CPI increased by 0.4 percent in January. The Core CPI, which excludes food and energy increased by just 0.2 percent. Weekly U.S. jobless claims increased by 25,000 to 410,000. The one month weekly jobless claims average is now 417,000.
Last night, the important Shanghai Index(Chinese market) rallied higher by 1.38 percent. This type of rally in the Chinese markets will often help lift the popular commodity stocks. This morning many leading commodity stocks such as Freeport McMoRan Copper & Gold Inc.(NYSE:FCX), Southern Copper Corp.(NYSE:SCCO), and Cliffs Natural Resources Inc.(NYSE:CLF), are all trading sharply higher.
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United States Steel Corp. (NYSE:X) announced that interested shareholders, investors and others may listen to the company's fourth quarter 2010 conference call with securities analysts on Tuesday, Jan. 25, 2011, at 3 p.m. EST. The call, which will be available via the U. S. Steel website, will cover fourth quarter 2010 financial results and may include forward-looking information. U. S.