Thanks for posting this chart. It probably holds part of the answer as to why the shorts have remained aggressive while ignoring CLF's price rise amidst bullish events.

The chart actually appears incomplete from the standpoint it would be normal to "dd" the chart by running it against a second chart that reflects three major adjustment events not known at the point of chart inception:

1) Addition to S&P500 Dec.14

2) The rise of metcoal price in 2010, and

3) Very positive indications on iron pricing.

This is not to suggest some folks won't take profit regardless of valuation and prospects. However, the reason many missed the rallies of the last 14 months is they simply ignored fundamental adjustments and went with charts.

On balance, the chart presented indicates suggests there will be considerable volatility as the stock pushes forward on fundamentals. Meanwhile, the addition to the index will tend to keep some would-be sellers at bay.