Open Question
NUCOR- I do not want to defend this stock too much only because I own it. While
some are dumping it on the market, I am thinking on buying some for the long
run. My reasoning on this are:
1) It will my cost average down a lot
2) With the crude going down, I believe spending may increase in some sectors,
especially the automaker sector. With lower gas prices, consumers will go back
to back vehicles, and steel consumption will increase.
Any thoughts?
ATTENTION to the word: LONG run.....
Patience is key
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What is happening as far as steel supplies? Any new steel mills on the drawing
board or under construction? If you are looking at a long term commitment to
steel, you need to know that there won't be a supply glut to ruin the party.
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It's not just a matter of hedge funds going under and selling. It's also people
have pulled $350 billion out of there Mutual Funds , so the mutual funds are
also selling.
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It has support in this price area. But with mass redemptions in the hedge fund
area, any T/A as far as buy points(support) is pretty much worthless. I am long
NUE and I will buy more if and when it breaks into the high thirties. And again
in the mid twenties.
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Risk management is key
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Good Luck.
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