Monday, April 11, 2011

Steel Ideas

Three support areas coming up in the steels that we like for a trade  (a trade for us means daytrade or if we’re lucky and get enough safety cushion into the close a possible 1-2 day hold).
ATI 60.6 zone add alert

NUE 44.8 add alert

X 50 add alert.

This market has come a long way in a short period of time — these pull-back moves are all part of a healthy cycle.  As we’ve written many times in the past we will not be worried until support buyers cease to show up.  When that happens we’ll definitely step-back and re-assess.   Until then though, business as usual.