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?
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.
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.
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.
Chagi, not really picking a top, just seeing exhaustion points, and $50 is a huge level to get past thru in one shot