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.
Trump signs an executive order on steel imports: “We’re going to fight for American workers and American-made steel” https://t.co/2Rdiy8dR85
— CNN Politics (@CNNPolitics) April 20, 2017
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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