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stideas
10-09-2008, 01:46 PM
It looks like steel stocks may have temporariliy found a floor to bounce back. Here are some of the names to keep on your radar X, STLD, AKS, MT.

See if you can catch the wave up...

STI
jacobnbr1
10-09-2008, 01:59 PM
A-hem!

ah.. hey there bevis, uh i think the steel run is over and that may be a floor but it is trembling.

think about it a minute, the demand for new sales are not there accross the board, the entire economy!


Just figured i would point out the obvious painting on the wall.
stideas
10-09-2008, 02:04 PM
If you can catch the bear market rally, there will be some serious money to be made on the upside.

Sooner or later, they are headed back to single digits...:beerglass:

sti
aiki14
10-09-2008, 02:08 PM
It looks like steel stocks may have temporariliy found a floor to bounce back. Here are some of the names to keep on your radar X, STLD, AKS, MT.

See if you can catch the wave up...

STI

Based on what? If we are in a worldwide recession, and the beginning of one according to some estimates, industrial metals would be under serious downward pressure. Am I missing something or do you have a specific catalyst in mind?
I hope you are right because I am long GMO which is a Molybdenum startup. A move up in demand for technical steel products would be very good for that position. I just don't see anything obvious that would make me a believer in the near term, in steel.
BuyOnDips
10-09-2008, 02:31 PM
Right now, if you had to trade, I'd trade the engineering, construction companies and machinery companies. Stocks like FWLT, CBI, FLR, ABB, JEC, SGR, MTW, JOYG & BUCY are having large swings. Most of these stocks have been crushed lately. Buy large dips(10% daily drops) and then sell the rallies until this stops working. Good luck. I think the trend is still downward until hedge funds stop selling. People are scared now(rightfully so) and want their cash. And the hedge funds are selling the good stocks to raise cash.

http://online.wsj.com/article/SB122333567578609541.html?mod=googlenews_wsj
stideas
10-09-2008, 02:38 PM
Steel and metals in general are too stretched from the norm. Sooner or later, they will come back to equilibrium, which happens to be the downward channel...

No doubt they are under serious pressure, but nothing goes straight down...

Short/Mid/Long-term, I don't have any high expectations from these past leaders.

sti
john_for_u80
10-09-2008, 02:43 PM
It looks like steel stocks may have temporariliy found a floor to bounce back. Here are some of the names to keep on your radar X, STLD, AKS, MT.

See if you can catch the wave up...

STI

I think most of the sectors will bounce up when market moves higher because shorts will not want to sit without covering.

Appl looks interesting. Moves up as soon as S&P bounces but $NDX100 is at exact Fibonacci support right now 1350 area (61.8% retracement). If S&P goes to 930 area which I think it will later then APPL goes to 75 area and $NDX100 can go to 1006 area (78.6% retracement)!