Non-Tech
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the Steels: some forming "PSYCLE exhaustion V bottoms&#
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| An SI Board Since December 1997 |
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another attractive Depressed ind. group, "steels", by my "PSYCLE sm", shaping up here, as potential "PSYCLE sm" "exhaustion V bottoms" ahead, for at least a tax-selling bounce....
I recently added, ZEUS, PKX, BYX, BS, WS, (and, maybe, some coppers and aluminums also, like, AA, CYM, Inco), as buyables where suitable, ONLY with close stops below recent lows ONLY, for probable bounces, from both, a technical/chart, and sentiment/seasonal p.o.v. here....these types of drops they have had (some are L.T. pullbacks after previous rises out of bases last year, like stage 2 in my "PSYCLE sm"), with "cathartic volume" near the lows, after such drops, smacks of exhaustion....and, remember, we ONLY buy long, right near lows, but never "paying up"....
where suitable, for cash, or on margin, or in fairly -priced, long-term, in-the-money call options (ONLY), diversifying always, makes some sense here and now....only with close stops ALWAYS....
especially from a "PSYCLE SENTIMENT" p.o.v.--- I see NO ONE anywhere recommending these down here, so, as usual, that should also work in our favor...wall street always hates these near lows, and loves them near their highs....remember, my "PSYCLE sm" also gave out some depressed Steels, earlier in 1997, like BS, WHX, BYX, WS, back then, before their 1997 rise, so our timing on this Group has been pretty decent a few times before....best wishes to all for a great holiday period, and tax-selling bounces we hope...
P.S. possible double-bottom also on USX (X)....and, it's a little early yet, for NSS, but watching that one as well...enjoy,
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