Pilobolus Equity Research: Buy CLF: Cleveland Cliffs (66.23) Oversold with strong daily buy divergences

Tuesday, August 21, 2007

Buy CLF: Cleveland Cliffs (66.23) Oversold with strong daily buy divergences

Rationale:The mining group is strongly oversold , as well as most of the market. Cleveland Cliffs CLF(66.23) is exhibiting all the characteristics of oversold price behavior and appears poised to bounce upward from these levels. Peaking ADX numbers , strong MACD buy divergences as well as promising fundamentals position this stock to run higher.

Price Target: $75.06 previous resistance area
Stop: 61.60, below August 10th low

About Pilobolus Research

Seth F. Wolff
A ten year institutional market strategist formerly with IdeaGlobal & Charles Schwab (Cybertrader Corp) advising institutional clients in the equity,commodity and fixed income area, with prior roles in institutional research sales in North America. Seth has also appeared in media coverage including Dow Jones and Bloomberg. A graduate of the University of Arizona with a B.S. in Finance and continuing studies at NYU Graduate Business School, Seth has also been a member of the Market Technicians Association (MTA) since 1990.

Disclaimer: Pilobolus Equity Research obtains information from sources deemed to be reliable; however, Pilobolus Equity Research does not guarantee the accuracy of any of the information or commentary provided. Pilobolus Equity Research makes no warranties, expressed or implied, as to the fitness of the information for any purpose, or to results obtained by individuals using the information. In no event shall Pilobolus Equity Research be liable for direct, indirect, or incidental damages resulting from the use of the information. Pilobolus Equity Research shall be indemnified and held harmless from any actions, claims, proceedings, or liabilities with respect to the information and its use.

Pilobolus Equity Research

Tuesday, August 21, 2007

Buy CLF: Cleveland Cliffs (66.23) Oversold with strong daily buy divergences

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