United States Steel might drop below today’s close of $59.20 and there’s one more support at $54 should the DOW starts it correction.
Today, the market pushed up to a new high – 11200. There was significant selling pressure as many traders are now doubting the sustainability of the speed of this rally from 9800 to 11200! There was never a 1400 point rise since the MARCH low last year. This means that this rally is one of the strongest ever, and it is due for a consolidation, not a major correction.
Dow should correct to 10800 soon.
I am closing positions of Alcoa Inc, Bank Of America Corp, SanDisk, Micron Technology, AES corporation.
I am net short United States Steel till its earnings next week. I think it would be weak just after the earnings.
2 comments:
yesterday you said the chart looked great and that it hit a tripple bottom and could rise 30% making it a 85.00 taqget
Yea, it still is for the long term. I am talking about a short term possible drop. However, if you are holding for the long term, this is great.
Short term wise, X might most probably be sold off after its earnings release.
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