Steel and Aluminum Executives on the Way to Capitol Hill
Today should be good for steel and aluminum manufacturing stocks, as executives travel to the White House to meet with President Trump. While I do not think tariffs are a good thing, US Steel, AK Steel, Nucor and Steel Dynamics, among others, are higher in the pre-market session. The President is supposed to speak at 11:00AM on the subject.
- Several top U.S. steel and aluminum executives have been invited to the White House on Thursday for what could be a major trade announcement.
- President Donald Trump has vowed to take steps to crack down on imports of steel and aluminum.
- The president has been considering imposing hefty tariffs on imports of the metals from China and other countries. – Reuters
Watch US Steel as it has been acting the best technically speaking.
Pre-market most of the steel stocks are higher.
Here is X in the pre-market session. (+3.68%)
IV Rank is hovering at 43%, so we would consider selling covered calls. We are thinking of the March 9 weekly 45C if price action moves quickly this morning.
The broad market needs to find its footing, otherwise gains could be fleeting.
Currently, SPY is back above recent blocks that we commented on last night. These 271.39 blocks came in as a blast of trades after hours. Sneaky.
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