U.S. Steel - Overextended or Not

Discussion in 'Stocks' started by john_nyc_trader, Dec 1, 2005.

  1. This stock has been on a tear lately, even though steel imports from China are coming into the U.S. in droves. I shorted at $50 and am holding. Opinions?
  2. Chagi


    Looks overextended to me too, but you definately have balls trying to pick a top in a stock that has been moving up like that.
  3. John;
    Maybe better off shorting X than CLF.

    And while i prefer a weak sector to short a stock in,
    [steel sector looks strong] ;
    X has been a good liquid brand name
    & a weakling/ underperformer,
    for some time.
  4. I trade X/NUE everyday so these types of moves are almost non-existent the past few months. DEFINITELY worth a correction. Im looking for a +1 at least.
  5. Chagi, not really picking a top, just seeing exhaustion points, and $50 is a huge level to get past thru in one shot :D
  6. Closed position for over a +2 gain. Thank you X specialist! :D