Paul J Singh

Category: Steel

  • The Next Explosive Bottoming Formation: Steel

    Back in December we successfully identified and swing traded the bottoming formation in gold miners, followed by energy/oil/gas in early January.  Often when one or two sectors show this formation, other related sectors will follow. Steel is showing signs that it is the next bottoming formation candidate.  This sector does not…

  • Today’s Trades: NOV (and Steel comment)

    I bought 300 shares of NOV at $114.35. Buying this stock on pullbacks has become a go to move for me, like Allen Iverson’s crossover. This is one of those “keep doing it until it ceases to work” trades, akin to feeding a hot three point shooter. Okay, that’s it…

  • Four Reasons to Sell Steel

    The steel sector, which has been one of my favorites over the past year, has undergone a change in character that now puts it on my “short watchlist.” Four elements make it an attractive short: 1. Signs of distribution, with high volume down days accompanied by low volume updays. 2.…

  • Today’s Trades: SYNL and ZEUS

    Both of today’s trades came from last night’s journal. As I noted last night, I like the action in steel stocks. I bought: 400 shares SYNL at $39.12 400 shares of ZEUS at $32.90. Both stocks made confirmation moves following low volume pullbacks. I am heavily weighted in steel stocks,…

  • ZUMZ Bullish Englulfing Pattern, Steel, Energy and the UFC

    I entered ZUMZ yesterday on a pullback to support, and today it looks as though we have confirmation that the stock is going to bounce. ZUMZ printed a bullish engulfing pattern where three areas of support converged (the 50 day moving average, price and gap support). I could not have…

  • Today’s Trade: SSRI

    I’ve been eying metal related stocks for a short, and SSRI (Silver Standard Resources, Inc.) seems to be rolling over for a retest of last week’s lows. More than a few elements make this an attractive short. 1. The low volume pullback seems to be stalling right at resistance. 2.…

  • Chart: STLD

    Steel has been one of my favorite sectors over the past few months, with STLD being the trade of choice. Notice that the 50 day MA and the gap level converge at the same point. It will be interesting to see if the stock can hold above this level ($35.75-36).…

  • Today’s Trades: RATE and AKS

    I bought 500 shares of RATE at $42.53. The stock spiked up over resistance on strong volume and has now pulled back on diminished volume, printing an ideal NR7 entry. I bought 500 shares of AKS at $22.08. As you guys know, I love steel right now. I picked AKS…

  • A Quick Note Before the Open

    I will be looking for weakness in steel stocks to re-enter STLD or possibly a different steel stock.

  • Today’s Trades: EWZ and RIO

    As discussed last night, EWZ looks attractive as a pullback candidate, so I bought 500 shares at $46.10. I bought 400 shares of RIO at $32.25. I’ve been waiting for a decent entry in a steel/metal stock for quite some time now, and finally found a decent pullback. I placed…