Sunday, July 23, 2006

US Steel (X) Base Failure

US Steel (X) reports earning on Tuesday. I wonder what will happen.

My guess, good or bad news, is that X will eventually bounce off of the support of the prior low and make another attempt at the 50 dma. After missing out on that last shorting opportunity, I plan on shorting after every rally above the 50 dma. Posted by Picasa

Update-July 24, 2006 US Steel is downgraded by Bear Stearns and the price shoots up. Hmm...looks like another short covering rally as X bounced off of its 200 dma.

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