Its time to rip into US Steel X. Obama is going to build roads, bridges and dams. Time to get long steel and right now.
Does anybody know anyting about Gartman's record? He seems like another follow-the-crowd type to me, but I could be wrong. I heard him in an extended interview on Bloomberg a couple of weeks ago saying since "things that hurt when they drop on your foot" were going down in price every day, that he would not be a buyer. Now that they've had a bit of an uptick, he comes on tonight and is a buyer.
Just rallied $2.50 from the mid-morning low back up to NEW HIGHS for the move at 38.90 This stock has been a MONSTER today. A total freight-train that just doesn't stop once it gets a bid. Spoos drop 5-6 handles, and "X" declines a whole dime. Lots of shorts "trapped" today. Great trading stock.
X isn't very good. I would rather own tech such as goog, aapl, rimm. There commodity stocks tend to selloff 7-15% in a single day for no reason at all.