Whilst the main market saw broad strength, there was notable wild price action in the US steel stocks. AK Steel (AKS) saw an early high of $10.26, but then imploded to $8.55, settling -6.6% @ $8.68. Meanwhile, US Steel (X), swung from $34.94, settling +1.3% @ $33.22.
AKS, 15min cycle
First, its notable that this morning, President Trump was signing more things...
A US President that wants infrastructure built... produced by US companies. What a novel thing indeed!
As for AKS and X.
I will merely note that both are broadly climbing from their Jan/Feb'2016 lows. Day to day price action remains very volatile.. and today was particularly so with AKS earnings.
There is a great deal of bullish infrastructure talk out there, and it was indeed an inspiring thing to hear the President speak about how we wants pipelines built using US steel. Of course, such capital spending usually takes a very long time (months.... sometimes years) to be agreed at the upper govt' level', and then eventually feeding through to actual companies completing the project.
In any case... for now, the market has rather high hopes that the new President, and his administration will be able to at least see some major projects funded this year.
*X earnings are due next Tues' Jan'31st.
Meanwhile... somewhere real icy...
Yours... bullish Steel.