31Mar12:01 pmEST

Pulling Out All the Stops

With President Trump floating the idea of a $2 trillion (with a T) infrastructure project as the next phase for stimulus, various materials plays are getting a further boost as we close out an historical month and indeed, one of the more memorable quarters Wall Street has ever experienced. 

As the indices flop around but are generally hanging onto recent gains and staving off an in immediate rollover we are looking for quick-hitting squeezes in the obliterated energy and material patch. A name like U.S. Concrete (USCR) is a rather notable name which could easily benefit greatly if the infrastructure Bill gets through Congress anytime soon. And of course domestic steels like NUE or X. 

I have my eye on name like like Steel Dynamics, too, below on its weekly chart. Incidentally, on a separate daily chart, STLD held its middle Bollinger Band (20-day moving average, or orange line, as we discussed in a blog post last week) which is a good first step for bulls on a relief bounce. 

But back to the weekly, a bounce back up to the $25/$26 breakdown area (light blue line) would not be out of the question especially if the Bill gains traction. 

As an aside, can you guess where STLD is based?

Fort Wayne, Indiana, the home state of VP Mike Pence and a state which will no doubt be significant for Trump's reelection aspirations. 

Stock Market Recap 03/30/20 ... Stock Market Recap 03/31/20 ...

 
BackToTop
 

This website is intended for educational purposes only. | © 2020 MarketChess.com | All Rights Reserved | Website design by Saco Design | Superpowered by Site Avenger

mobile site | full site