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Rare earth miners, who had a difficult 2011 thanks to falling metal prices, are shooting higher...
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Wednesday, January 25, 2012, 10:54 AM ETRare earth miners, who had a difficult 2011 thanks to falling metal prices, are shooting higher today. Short-covering could be a factor: As of Dec. 30, Molycorp (MCP +6.6%), Avalon Rare Metals (AVL +3.8%), and Rare Element Resources (REE +6.5%) all had large chunks of their floats shorted.
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We will see one of the biggest short-covering spikes ever! + all coupled with a strong fundamental story for buying MCP.
MCP should be up $5-$7 before the end of the week.
1.5 hours into today and already 3.6M shares traded, Major spikes above 100k at 6:45PST, 7:15PST, 7:17PST (177k), 7:20PST, & 7:27PST.