Update on Update: whenever our short and long go green at same time we think "it's a good time to flatten out". Out QLD for a few pennies, and rest of NUE X ATI for just under 2%. Back to cash in all accounts.
Update on our steel positions:
All are through trend-line and because of that we have moved stop to break-even in all three positions. We're only up around 2% in each so not much cushion but hopefully good enough to stand the chop until we get continuation. Long NUE 37.67, X 43.55, ATI 45.51. We're hedged with QLD short from 66.80. We most likely will take a loss in the QLD position if steels break-out further but want to have it on the book in case of gap down.