Cleveland Cliffs Inc (CLF)

[keep_trying]

$4 pps was a great entry point. Congratulations. When pandemic, markets over reaction occurred and dropped the pps below $4, many were facing financial hardship, unsure of their health and jobs future. I picked up a few shares at $4.50 and held onto the shares I picked up at higher pps, but was wondering if I was going to need those funds to help family weather through this pandemic. Thankfully not.

That post election pps plateau between $8 and $9 was another good CLF entry point. The announcement that there were two vaccines imminent for deployment caught me by surprise and was a game changer for many stocks, including Cliffs. IMO, the pandemic risks had over played shorting of stocks and the short covering began in earnest in mid November. 51 million shares short is still a lot, but the index balancing and new issue shares are going to blur such things going into 1Q 2021 reporting in April. Chasing of share price became the norm until LG and the Cliffs management team decided to sell their performance award options a few weeks ago, IMO triggering what has been the multi year high. If the earnings report tomorrow shows LG’s team bonus was justified, we might see that $18.75 +/-pps perform like a speed bump on the way into the mid 20s pps. I hope CLF doesn’t disappoint. There is a larger crowd watching now, with many new entrants with, I presume, high expectations, near term and through this commodities super cycle.
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