12Dec10:40 amEST
Portland Food Carts Made of Local Steel
Schnitzer Steel Industries, Inc., the pride and joy of Portland, Oregon, is finally waking up a bit this morning as the steel sector in general has been tightening up for a potential new leg higher.
Angling for domestic steels makes sense, what with the President's nationalist bent. Beyond that, plenty of materials-related names have quietly been improving in recent weeks, compelling us to consider some early sector positioning into 2018 with the threat of some type of inflation casting resources in a better light.
At any rate, SCHN is sporting a clean daily chart, seen below. I am looking for a break and hold over $30 to trigger a swing long. We also have a few other steels on our radar.
Elsewhere, we have some holiday-esque moves in high beta names like HMNY and OSTK. I favor trading those names intraday rather than as overnight swings, despite the seemingly one-way moves higher in the crypto-related plays. Still, momentum cuts both ways and I suspect we will see that prove true, once again.
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