On Friday morning all of the major stock indexes are soaring sharply higher after the Mario Draghi comments. One stock that is plunging lower despite the strong stock market rally is Cliffs Natural Resources Inc (NYSE:CLF). The company reported earnings which were well below analyst expectations. CLF stock is trading lower by $3.61 to $37.53 a share. Short term day traders can watch for intra-day support around the 35.85, $35.00, and $34.50 levels. Small intra-day bounces are possible around these levels.
Many other leading base metal stocks were inflating higher on Friday as the U.S. Dollar Index declined sharply lower. Leading base and industrial metal stocks such as Freeport-McMoRan Copper & Gold Inc (NYSE:FCX), BHP Billiton Limited (ADR) (NYSE:BHP), and Rio Tinto plc (ADR) (NYSE:RIO) are all trading higher on the session. This tells us that the decline in CLF stock is specific to the company and there are really no sympathy plays at this time.