Flag Breakout ComingNice flag on X, bounced very nicely off of support today, showed some strength in after hours. I think its gonna pop for the rest of this week.
USX1 trade ideas
US Steel is ready to move higherUS Steel has been consolidating and I think it is ready move higher. The first target will be the range high and then the blue gap. Not financial advice.
Handles a brewin on US SteelCup and handle formation about to complete on US Steel (X). Let' see how this plays out.
X rejectedStrong rejection on breakout of downtrend.
Targets are listed on chart.
Rejection shown in RSI also
Would like to see a fall below 50/100 ma around 24 -24.50 for conformation of a trip back to channel bottom.
A move over fib 26.71 negates this short
XLONG-TERM: Cup and handle at a major historical area with daily classic bullish divergence on the MACD, and daily classic bullish divergence on the RSI. (not financial advice)
X - Testing a Current Weekly LowLooking for support to hold here. Had some 24 calls that expire today against long stock. Will be looking for a bounce next week on the stock and an opportunity to sell more calls. The premiums for X options are quite high. Good volatility for trading.
Channel Up Pattern? CPI Data Hot-X is Steel, Commodities Fall with inflation? Unexpected CPI data,
- MACD converging to bearish
- Under 9 EMA /21 EMA , shorting those as resistance
Steel is Red HotSteel demand is insane
Steel supply has been caught flat footed
I expect USS X to trend up quickly towards 35
Depending on timing and other market conditions ... I also expect this market to drop like a hammer if the economy takes a turndown
$25 call 7-30 exp. $28 price targetSitting above the 200ma w a macd crossover and a parabolic sar. Let’s go
X - UNITED STATES STEEL CORPORATION - BULLISHExpect the US Steel industries to do great this year and the next since restrictions are being lifted.
Chinas steel industry lowered their steel input & output this year due to excess carbon emissions.
CLF & X Will see exponential growth this summer!
NYSE:X
AMEX:USO
BMV:X
BCS:X
BCBA:X
TVC:SPX
SPCFD:SPX
AMEX:SPY
CAPITALCOM:SPY
NASDAQ:STLD
US Steel - a super-imposition of past bull runsDo you buy into the commodities supercycle as it relates to steel - www.bloomberg.com Certainly the strength in steel prices portend plenty of further returns. For example, analysts seem to be severely underestimating US Steel's earnings for the next few quarters. However, it looks like there will be plenty of volatility along the way, and HODling US Steel is the best way. On the other hand, if you believe US Steel earnings are peaking, then US Steel might not have much in its tank left, and waiting for a much more attractive price would be the course of action.
My own personal analysis give a fair value of $50+ and $70 if we were to go back to old multiples. But of course, valuations mean little in today's markets, and prices can stay depressed for long periods of time.
United States Steel Corp.The price of United States Steel Corporation is in a valid uptrend which is supported by the 50MA. It also formed a hammer candle at a significant support level. The trade will be entered when the price confirms the hammer candle at 27$ and the stop will be placed at 23.50$. The ATR Stops (default settings) will be used to manage the stop.
X: Time to buyUnited States Steel Corporation is on its way to hit 31-32 price point. The volume is good and MACD is rising. The channel has been respected for a while and been tested more than a few times. All good to go!
$X $CHF $SCHN: Key inflections for steel Multiple steel stocks at a key inflection point in the market. Next move should be interesting
The Week Ahead: ARKK, ARKG, GDXJ, MJ, XBI, XLE, X, CLF, SAVE, FHere's where the premium was at as of Friday's close:
Broad Market Exchange-Traded Funds With 30-Day Implied >20%:
IWM (1/23)
Comments: I have quite a bit of IWM on here, but my order of preference is broad market, then sector, then single name, so am comfortable with adding if we get both weakness and a pop in volatility. IWM/RUT has been fairly rangebound, so it's worthwhile to pop open a chart and see where the bottom of the range is and where any puts you sell are relative to the range between 210 and 235.
Sector Exchange-Traded Funds With 30-Day Implied > 35%:
ARKK (31/45)
ARKG (18/41)
GDXJ (0/40)
MJ (7/40)
XBI (12/38)
XLE (2/36)
Comments: I've got ARKK, ARKG, and MJ July monthlies on, so I may look to add some GDXJ, even though its implied volatility is literally at the bottom of the 52-week range (which is still afflicted by the 2020 pandemic range, so implied volatility rank/percentile aren't all that helpful here), and it isn't exactly weak relative to where it's been. MJ and XBI are currently the most weak out of the group, so I'm personally leaning toward putting on some more XBI, having taken have a June trade last week.
Single Name With 30-Day >50% That Do Not Have Earnings Before Contract Expiry:
X (Steel) (9/74)
CLF (Basic Materials) (18/73)
SAVE (Airlines) (2/55)
F (Autos) (19/55)
OXY (Oil and Gas) (8/53)
SABR (Airlines; Technology) (25/51)
MRO (Oil and Gas) (0/50)
Comments: Given the slim pickings in the broad market and exchange-traded funds space, I've made a list of options highly liquid single name to potentially play while I wait for broad market or sector volatility to return. This list isn't exhaustive, and I've culled out a ton of meme names that have juicy implied volatility but are more likely to become a headache because they're (ironically) too volatile or they're in a space where they're more likely to blow up in my face (e.g., biopharma research and development, crypto).
Pictured here is an X July 16th 22 Short Put (20 delta), paying .74/contract as of Friday close, 3.48% ROC at max/27.6% annualized. As you can see, that play is somewhat close to price action of late, so I'd only put that play on if you're comfortable with potentially taking assignment at 22 and then wheeling it from there. Alternatively, opt for a setup that is consistent with any directional assumption you have as to where U.S. Steel goes from here and that takes advantage of the high implied here.
