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
17,084 Blog Posts

Trump Signs Executive Order to Explore National Security Implications for Steel Imports

President Trump signed an order that authorizes Commerce Sec. Wilbur Ross to conduct a review on steel imports and how it might adversely affect national security. It is widely believed the findings will result on massive curbing of Chinese imports, which is causing American steel stocks to catch fire.

Shares of $X, $AKS, $TMST, $SCHN, $CLF and $ZEUS are leading the fray higher.

The rally in basic resources has caused another upleg in markets with gains approaching +200. Clearly, we were oversold, especially in steel.

Last week, in Exodus, I highlighted the oversold nature of the steel sector and suggested a few names. Yes, it really is this good.

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19 comments

  1. dmfracer

    Will the winning ever cease? What am I supposed to do with all this cash?

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  2. Dr. Fly

    Buy something nice.

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  3. itinerant

    120% long CLF extra ibankcoin moron style. Gonna hold through earnings.

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  4. BenCBrainard

    Exodus sounds gnarly. I might have to try it.

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  5. lunaticfringe

    What $SNAP? $CLF is Rambo style vindication. Very happy with my May calls, thanks Option Addict!

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  6. heaterman

    What is a realistic price target for CLF? $10? $25? $40?

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  7. traderconfessions
    traderconfessions

    CLF is still below the all-powerful (extra OZ) 5-year trendline. Expect it to bounce around here for a few days. Little early to get giddy.

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  8. lunaticfringe

    @OA @FLY @TRADER May 19 8$ call options. Up 30% overall, do I hold, sell half, put in a stop loss? Currently 15% of my holdings is this one option trade. Feeling VERY optimistic going into earnings but I’m a fucking cowboy and I need a good father-son chat on the birds and the bees here.

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    • dmfracer

      Sell and take the profits or at least use trailing stops

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      • lunaticfringe

        Trailing stops it is, many thank you’s and furverent bows.
        Also a massive thank you to the court of excellence that is ibankcoin in the most sincere and general context. See you in the After Hours, and very soon in Exodus.

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    • reversion

      Let it run, this is day 1 of the recovery. Your in early, give it another week and sell for large sized profits

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  9. sarcrilege

    What a joke – conduct a review on steel imports and how it might adversely affect national security? National security? Seriously? WTF? More like start a new war. Trade war for now. And hopefully hot one soon after. That’s my interpretation. Impeding free trade has nothing to do with national security. But hey,…

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