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Take profits on Fortescue

We're closing out our short-term sell tip on Fortescue Metals after the share's rapid 23 per cent slide.
April 24, 2013

When we recommended short-selling shares in Australian iron ore miner Fortescue Metals (ASX: FMG) as a way to play the coming downturn in iron ore prices because of a looming supply glut, we didn't imagine negative sentiment alone would be enough to send our short-term 'sell' tip well into the money in less than two months.

IC TIP: Hold at 3.61A$