Thursday, October 9, 2008

Is Steel A Steal?

ArcelorMittal reaffirms third-quarter guidance
Steel giant expects second-half profit to improve from first half of the year

Story link here.

Arcelor Mittal MT (click to enlarge)

Some others that might be worth keeping on the radar are U.S.Steel, Nucor,and Steel Dynamics. Below are some of their charts. One way to limit potential losses if the market does take another nose dive, is to use the option market. It can give you time and limit your loses. Options on the Basic Materials ETF XLB is also an idea that could work.

X-U.S. Steel (click to enlarge)

STLD - Steel Dynamics (click to enlarge)

NUE - Nucor (click to enlarge)

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