ONE-TWENTY TWO: Trading Financial Markets
Exploring the poetry in financial markets for students of money and economy since the year 2000.
Over the past three days, the S&P 500 finally broke upward out of a five-week trading range (the NASDAQ has had a much more aggressive breakout). Well before this latest bullish move, many stocks and whole sectors soared higher in a “stealth” rally. Steel companies U.S. Steel (X) and Nucor (NUE) are two stocks in … Read more
The World Steel Association (worldsteel) forecasts for 2010 confirm my earlier view that steel demand (and production) most likely bottomed this year and some kind of recovery is underway. Worldsteel’s forecasts indicate that demand for steel in 2010 will return to 2008 levels after contracting in 2009 by 8.6%: “The World Steel Association (worldsteel) is … Read more
Last week, I noticed media headlines screaming the horrible news that “Crude steel output in 2009 to hit lowest level in 40 years.” As I searched for the direct source of this quote from Japan’s Ministry of Economy, Trade, and Industry (METI), I stumbled upon its “Preliminary Report on Iron and Steel, Non-ferrous metal, and … Read more