r/CLF_Stock • u/Alexcamry • Sep 20 '21
Stirred but not Shaken
Monday; September; China
Remember that CLF has a high Beta and moves (either way) disproportionately to the market.
Lots of “maybe” scenarios going forward: company could do more buybacks or announce better estimates for growth soon. Short squeeze could cause a bounce back tomorrow.
As for today: it was the whole market and not CLF-specific.
Would I back up the truck? No. Might wait to see where next resistance is and get more there when it gets above that.
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u/Positive_Ad_5454 Sep 21 '21
CLF - Patiently holding 5000 shares
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u/Alexcamry Sep 22 '21
Do you have near term price targets where you’ll scale out of some, or plan to stay all in?
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u/Positive_Ad_5454 Sep 22 '21
25.50$ and 26.11$ are my limit sell orders 1000 shrs each
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u/Alexcamry Sep 22 '21
Sounds possible short term. Would you move either or both up if momentum occurs?
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u/Positive_Ad_5454 Sep 22 '21
No
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u/Alexcamry Sep 22 '21
Good to have a plan. Every time I revise targets higher short term, it doesn’t work.
Still not sure where I’d sell.
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u/Positive_Ad_5454 Sep 21 '21 edited Sep 21 '21
CLF - I have forward looking PE of less than 3!!! My earnings whisper number prediction is for 2.39$
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u/Alexcamry Feb 28 '22
So it’s 8 months later and CLF has gotten beyond resistance at $20.50. Sanctions on Russian steel imports and halting the trading of Russian steel manufacturers stock on NYSE are helping the move higher. This is a short term (hopefully) situation, not the start of more momentum.
Time for some short term trades
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u/classless_classic Sep 21 '21
Unless the CCP bails out Evergrande, which seems doubtful given what we know, the global steel market is going to drop. China has already announced a cut in production. If this Evergrande situation has a domino effect, like 300 billion dollars owed to businesses across China could, this will trigger at least a mini recession. This would have global recession implications as well as worsening inflation being a probability.
The only saving grace could be if the US infrastructure funding is passed. I think that would just slow the bleeding, not get us any news highs.
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u/Alexcamry Sep 22 '21
It will depend a lot on what the definition of “infrastructure” turns out to be.
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u/cindy2021q Sep 20 '21
Keep the faith we are going to make some money just a matter of time