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  • Metals Stocks Collapse Lower, Will There Be A Bounce? (NYSE:X), (NYSE:AA), (Nasdaq:CENX) 0 comments
    Jan 27, 2010 1:41 PM | about stocks: X, CENX, AA
    On December 28th, 2009, I stuck my neck out on the line once again to call for a 10% or more correction on metal stocks like United States Steel Corporation (NYSE:X), Alcoa Inc. (NYSE:AA) and Century Aluminum Company (Nasdaq: CENX). Below is a chart listing the prices when the call went out.

    Alert : 12/28/2009
    U.S. Steel Corporation (NYSE:X) At $58.19
    Alcoa Inc. (NYSE:AA) At $16.51
    Century Aluminum Company (Nasdaq: CENX) At $16.90

    As a Chief Market Strategist at InTheMoneyStocks it is my job to analyze and be ahead of the market in regards to moves up and down.  As I gave an extreme downside bias of at least a 10% correction on these stocks analysts and traders alike were as bullish as can be.  I pride myself on being on the front end of the curve and it allows me and my clients/subscribers to max out on profits.  While everyone was bullish, my neck again went out on the line and the call was nailed.  Below are the results as of today, January 27th, 2010.

    Alert: Results To Extreme Downside Sell Bias Call
    U.S. Steel Corporation (NYSE:X) now $46.30 (20.40% drop!)
    Alcoa Inc. (NYSE:AA) now $13.13 (20.5% drop!)
    Century Aluminum Company (Nasdaq: CENX) now $12.52 (25.92% drop!)

    The correction I expected and alerted came to fruition giving huge profits.  At this point I am studying the charts of U.S. Steel, Alcoa Inc. and Century Aluminum Co. to find an entry for a bounce.

    Per this article I will give out one upside bias call on U.S. Steel (NYSE:X).  Per this article, U.S Steel is trading at $46.50.  At this point I am giving it an upside bias with a target back to $50.50. At that point I will re-evaluate.

    Below is the old article making the downside call to give credence to what I have said.

    Gareth Soloway
    Chief Market Strategist

    Metal Stocks Poised For 10% Or More Correction In Early 2010 After Massive Runup

    It has been a move for the history books. Stocks like United States Steel (NYSE: X), Alcoa Inc (NYSE: AA), Titanium Metals Corp (NYSE: TIE) and Century Aluminum Company (NasdaqGS: CENX) soaring into the end of 2009 like a rocket ship headed for the stars. Just in the last month or two, these metal stocks have ripped higher by 25 - 50%. It now looks like they are coming into massive resistance levels and I am issuing a red alert sell signal.

    Based on valuations, growth projections and technical extensions above key levels, these stocks have been added to my red alert drop list. I expect them to see 10% or more corrections in the near term of January. Already today, United States Steel has started to form a daily bearish candle along with Alcoa Inc. U.S Steel has rocketed higher since the hit of the 200ma on November 3rd, 2009 at $34.00 to a high today of $58.19. It is far above the 20ma and after a four day surge, multiple indicators are showing a January or sooner correction coming. Look for price to fall back to the 20ma.

    The same can be applied to all the other stocks listed. The extension moves they have had were due partly to short squeezes and partly to momentum runners as hedge fund and money managers looked to show these in their portfolios for year end statements. Come January or sooner, I am issuing a red alert sell signal on all these stocks. Be smart, learn the technicals, understand the fundamentals and go the opposite of the crowd. Learn, Live, Profit!

    Gareth Soloway
    Chief Market Strategist
    Stocks: X, CENX, AA
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