X - steel broadly strong

Whilst the broader market closed broadly higher, there was a notable morning reversal in US Steel (X), which swung from a low of $33.78, and settling +0.6% @ $35.00. Near term outlook does threaten some choppy cooling, but broadly, a break above key resistance of $40 looks highly probable in early 2017.


X, daily

X, monthly

Summary

US steel is a company I've not followed in a long time. However, a few traders have highlighted it to me, so I'll be giving it more attention into next year.

Suffice to add, short term bearish, but mid/long term bullish.

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Sidenote....

Watching the clown finance TV lunchtime show... one of the Najarians highlighted AKS - AK Steel, where someone (or a collective) picked up 5000 of the March $18 calls in the morning. The odd thing is that $18 is almost 80% above the current price.

Does the buyer seriously think AKS could be in the upper teens by mid March?

In any case... the interest in AKS merits some attention.