Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Friday, 22 April 2016

Dial 000, shorts murdered

Another enormous +8.8 per cent spike in the iron ore price last night to $70.46/tonne, the third largest daily gain on record.

The iron ore price is now up by 84 per cent since its December 11 low.

At that time the "Big Short" call was that iron ore companies were headed into receivership, with a real value of $nil.

Below is the Fortescue Metals Group (ASX: FMG) chart, showing a rally from $1.44 to $3.62...or 151 per cent...at the close yesterday since the nadir of January 21.


Ouch.