Tuesday, July 01, 2008

Metals and laggards

Was not going to do yet another post tonight ( that is the 3rd one - I definitely overworked and underpaid :), but while glancing over the charts spotted something that might prove to be an interesting long ideas - some laggards among burning hot metallurgic sector.

Alcoa (AA)
- underperformed ( not knowing "funny-mental" things about company, my best guess would be due to HUGE electricity costs needed for aluminum production ).
Today's low bounced off long term priceline - could that be a beginning of leg up?

China Precision Steel, Inc. (CPSL)
Same story here - off the long term priceline

Titanium Metals Corp. (TIE)
(Holding long calls at the time of writing )
Down with BOEING ( and the rest af "Aero") - could that be that no more bad news left?

Steel Dynamics Inc. (STLD)
Do you see what I see? Ugly Cup&Handle? ( I am not a big fan of C&H, but at least stop is clearly defined on this chart - just like on first 3 charts - that is the way I like it)