Summary
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.
Happy Thursday,
Vinny
Disclaimer: Do your Own Research
Our content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on our Website and wish to rely upon, whether for the purpose of making an investment decision or otherwise.
Investment Warnings
We would like to draw your attention to the following important investment warnings. The value of shares and investments and the income derived from them can go down as well as up; Investors may not get back the amount they invested – losing one’s shirt is a real risk; past performance is not a guide to future performance.