iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,768 Blog Posts

Watching Iron for Market Direction

The iron and steel sector is down 65% for the year. The Chinese, apparently, have ceased building ghost cities, gambling, eating, and also shopping. They do, however, still actively partake in accounting fraud and wanton pollution.

The iron sector embodies the hidden depression that has ravaged markets over the past two years. I’ve seen many of my friends check out of the business these past two years, after decades of service. The market is the great fortune creator and destroyer, depending on what side of the trade you’re on.

STLD, CRS, AKS are interesting, especially CRS.

A few years back CRS built a revolutionary plant that was designed to slash expenses and help them kill it. In other words, their expenses are likely a fraction of their competitors, which is why the share price is still in the $30’s.

As for the longevity of this rally: No idea. I am, however, wholly unimpressed.

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2 comments

  1. stockslueth

    China leads the world in accounting fraud and wanton pollution. If you go, bring your own food, drink, oxygen supply and CPA.

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