Apr 12, 2005

About this Reversal

The most interesting thing to me is the reversal in steel stocks. Contrahour flagged the breakdown yesterday but I would lean towards a short-term downtrend that creates an entry point in a longer uptrend.

Keep in mind with bonds the shorter maturities should put a pretty solid floor under longer-dated yields. The 2-yr is around 3.70%.

*update 3:30 PM - I should add that Phelps Dodge (PD) filled a gap this morning (from 2 weeks ago) and is now attempting to climb into the green as well.

No comments:

Post a Comment