Some days financial media is maddeningly daft, at the AFR:
Call it the world’s most unlikely bull market. Iron ore advanced for a third day, taking gains to 25 per cent from a six-year low even as the world’s top shipbroker predicted renewed losses.
Ore with 62 per cent content delivered to Qingdao climbed 4.6 per cent to $US55.89 a dry metric ton on Wednesday, according to Metal Bulletin. That was the biggest increase since July 9. While the gain of more than 20 per cent from the July 8 low met the common definition of a bull market, prices remain 22 per cent lower this year.
Call it the world’s dumbest story. Is this a bull market:
Or this:
No and no. Simply rising 20% does not constitute a “bull market”. This is a bear market rally, no more, no less.
