Steel just eclipsed the magical $600 per tonne mark, pressing Goldman to upgrade United States Steel Corporation [[X]] today. We are in open field territory with the metals, sans the precious variety, as asset managers man the fuck up and go long. You may or may not know, my favorites are POSCO (ADR) [[PKX]] and Mechel OAO (ADR) [[MTL]] . However, I am a fan of others, like United States Steel Corporation [[X]] , Century Aluminum Company [[CENX]] , Kaiser Aluminum Corp. [[KALU]] , Reliance Steel & Aluminum [[RS]] and AK Steel Holding Corporation [[AKS]] .
For what it’s worth, the top rated Steel/Iron stock in The PPT are:
Olympic Steel, Inc. [[ZEUS]] , ArcelorMittal (ADR) [[MT]] , Cleveland-Cliffs Inc [[CLF]] United States Steel Corporation [[X]] and Haynes International, Inc. [[HAYN]] .
The names most likely to squeeze shorts are Allegheny Technologies Incorporated [[ATI]] and Century Aluminum Company [[CENX]] , due to their leveraged businesses, coupled with egregious percentage of shares sold short in the underlying stocks.
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AKS is on fie-ah!
BOOM looks great Moobs, it’s only a matter of time before it BTFO
Being that steel is my favorite play of 2009, large positions of ATI and X have made me great coin this year but I’ve recently disposed of both(ATI today and last week on X).
Looking into the other names you mentioned.
Fly,
On another topic, based on your certitude and my own novice analysis, I got into the s&p with approximately 90% of the port Thursday night and stayed in through Monday with a gain of well over 3%.
Thanks man!! I know you miss occasionally, but your record of correct calls is amazing!!
Keep it up! Those of us who can see the big picture will forgive the occasional wrong call and can appreciate the decisiveness.
I may get back in again on Christmas eve and stay for the day after Christmas depending on what the market seems to be doing, but I’ve already got my Santa present.
Thanks!
Dear Fly
What about GSI?
GSI?
How bout STLD?
Help allay my fears Senior Tropicana – Didn’t China announce that they had a 3 year supply of the iron ore, and that they were not only wanting lower prices, but didnt they arrest some senior officers of an international company just a few months ago? Yes, there are other emerging economies in need of steel, but who has the money? I’d follow metallurgical coal miners, but it seems that no domestics are really doing something besides JRCC.
So of all commodities – why steel? Why not the shippers? What about ag, like MON, or MOS?
Surreal fuckery is in the works.
We the taxpayers should be prepared for an assraping of epic proportions. Politicians, bought and paid for by the Unions will be seeking to restructure the way the Pension Benefit Guarantee Corp works. They will try to minimize the damage done to pensioners by companies bankrupted by Union largesse. The pension ponzi scheme is collapsing as the number of workers per pensioner shrinks daily. Pension promises will be kept on the backs of the taxpayer. Working stiffs will be working harder to support people who bullied and entitled themselves to Cadillac pension plans. These motherfuckers in DC have got to go.
http://globaleconomicanalysis.blogspot.com/2009/12/beware-taxpayer-bailout-of-underfunded.html
Steel names have had a tremendous run.
Pullback in sight.
Tell ’em Telly sent yah, baby….
Player’s Club! (you go Telly, complete with the fentanyl lollipop….damn prostate cancer….who knew?)
I digress.
The Fly is so completely on fire right now,
The Fly=The pied piper.
The Street=A pack of lemmings.
There can be no failure.
GMCR=buy buy buy.
Then BUY some more, damn-it!
Buffalo-
I am on the same page as you. Related play is PCX, supplier of metallurgical grade coal, and NSC, rail shipper of both the coal and steel. Good luck.
Adding more RDN
http://ibankcoin.com/henry_fool/2009/12/14/can-a-mortgage-insurer-fill-a-gap-how-important-is-water-in-china/
The wins just keep coming.