Originally Posted by scho63:
I'm gonna buy some Long Term Call Options for USX. I think it's a good investment longer term.
Could be, but as a guy that trades/brokers products around that industry, I wouldn’t touch that stock right now. I track coal and iron ore shipments that go into integrated steel markets (like USS). Lots of order cancellations in the last 2 months. That’s never encouraging news. FYI [Reply]
Originally Posted by ChiTown:
Could be, but as a guy that trades/brokers products around that industry, I wouldn’t touch that stock right now. I track coal and iron ore shipments that go into integrated steel markets (like USS). Lots of order cancellations in the last 2 months. That’s never encouraging news. FYI
I think all the negative news is somewhat overblown but I understand so many cancellations and changes with all the tariffs and trade wars. [Reply]
Originally Posted by scho63:
I think all the negative news is somewhat overblown but I understand so many cancellations and changes with all the tariffs and trade wars.
All I can tell you is that cancellations of large volume raw material purchases are never a good indicator. [Reply]
Anyone playing around with the steel market would probably be better off buying actual scrap iron. They're basically giving it away in some areas. Better yet, it'd be a really good time to buy a full yard from someone that is ready to retire. [Reply]
Originally Posted by ghak99:
Anyone playing around with the steel market would probably be better off buying actual scrap iron. They're basically giving it away in some areas. Better yet, it'd be a really good time to buy a full yard from someone that is ready to retire.
I broker scrap monthly. My July purchases are projected to be down $90/GT from where I purchased in May [Reply]
I don't know that the market is gonna tank, but a correction is certainly in order.
Just a short term trade looking for a small correction and some profit in a downturn. Nothing crazy am I am going to hold waiting for a big crash. Small profit in a correction, move to cash, buy something undervalued on a dip and repeat if necessary. [Reply]
Originally Posted by ChiTown:
I broker scrap monthly. My July purchases are projected to be down $90/GT from where I purchased in May
I couldn't believe how low the offer was in some areas of the country.
Not that I want to collect scrap for a living, but if a guy had the right place to hold it for awhile it could work out well. My piles all have trees growing in them. :-) [Reply]