I was stopped out of the long TBT by the gap down day last week.
Holding on to steel. Still see buying in most steel stocks.
JJG is seeing buying in large chunks intraday....
A recent comment by Schnitzer Steel leads me to believe the asian economys may be stronger than many believe....
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Schnitzer Steel Industries Inc.'s (SCHN) fiscal fourth-quarter earnings more than doubled as the company reported double-digit revenue growth and higher volumes and prices. The company's revenue has continued to benefit in recent quarters from stronger global demand for recycled metals and higher prices, though lower margins and a higher tax rate have cut into earnings. The company has also been on an acquisition streak this year, closing 10 deals. "Looking ahead to 2012, we expect the positive benefits of the investments and acquisitions we have made as well as the overall increasing demand for scrap metals to continue," President and Chief Executive Tamara Lundgren said. "Despite recent forecasts of lower global GDP growth, the growth rates of the developing economies, which are our primary end markets, still reflect levels which can sustain strong steel production."
Combine this with the LVS strength and the outlook for the emerging economies may still remain strong....
Some recent charts:
Control risk always........
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