Steels Took a Breather. Now What?

By Sang Lucci Uncategorized

By Sang Lucci

United States Steel was probably one of the greater comeback stories of 2016. The stock traded as low as $6.6 off the January bloodbath and has already seen highs back around $27.5 since then. We haven’t seen stock prices double like that since 2009. Recently, steel names have been under pressure as much needed profit taking has hit the sector along with the usual rotations and a pullback in Gold.

Past three days we’ve seen a major reversal in Gold and it’s not surprising that some of the larger players are circling back to the steels for some timely dip buys.

Both these two names have been dying a slow death for weeks now keep in mind the players bought a good amount of time out to October and November. If you’re looking for some potential swings monitor these options and see if you can get cheaper prices. Don’t try to trade either of these intraday, chances are you won’t get too far.

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About the Author

Sang Lucci

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Anand Sanghvi, aka "Lucci", is the founder and head trader at Sanglucci.com. Anand has successfully traded equities and options since 2006, beginning his career as a proprietary trader at PTG Capital. Anand was named head trader utilizing tape reading and options to make his plays. Anand left in 2009 to manage his own money and infamously turned $50,000 into over $2,400,000. He soon founded Sanglucci.com.

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