Steel Stocks Ready to Move
Posted on Wed 18th Jun, 2008 12:02:45 AM
With Fertilizers, Coal, and Oil all in the spotlight it would be easy to overlook another hot commodity, Steel. The fact of the matter is though Steel stocks are just coming off key trendline support and are looking bullish.
This trend has been in play many, many, many times in the past here on the Stock Trading To Go blog. After all the recent price consolidation and the success of fertilizers in a rough market I am a believer in the Steel story.
Below I have a handful of Steel stocks for you to take a closer look at. Mechel Steel Group (MTL) is the leader of the group so it is listed first.
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Black Swan Chronicles: Chinese Steel Overpriced For Traders
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Options Transactions Signaling Steel Resurgence
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Picked up some RIO as an emerging markets play on weakness, TX might be a good Brazil play so keeping an eye on it.
Thinking if the US Dollar continues to be weak though, X can be a great stock and also a good currency play. Made some good gains on WOR as a speculative takeover play, interesting to watch the M and A rumors as well and the tug of war with trying to control pricing, but they are all doing well. NUE has been good to me as well but no longer own it.
Good call, Blaine! However, I have to wait for my account to settle down due to the devastating trade of USS. I do like RIO & SID–the last time I saw both were 39 & 42, respectively. This time it could go alot higher so a pull back is a good opportunity to buy.