Steel is behaving badly and thus so is X. I'm not sure this makes me really ultrabullish right now if one of the base commodities of the indutrial world is in the toilet, but certainly the market can rally without them.
According to CNBC this morning, 4 steel companies may be in violation of their debt covenants this year based on current steel prices. X & AKS were two of them.
According to CNBC this morning, 4 steel companies may be in violation of their debt covenants this year based on current steel prices. X & AKS were two of them.
ReplyDeleteIf X gets back near $17 I am probably going to pull the trigger.
ReplyDelete