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Two Ways: AK Steel Raises the Bar

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Strengthen your portfolio in good times and bad.

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AK Steel Raises Prices for Carbon Steel

Good news for steelmakers. AK Steel (AKS) said its raising prices for carbon steel products. The West Chester, Ohio-based company said today it will raise spot-market prices effective immediately for all new orders. Base prices for hot-rolled products will go up by $40 per ton, while base prices for cold-rolled products will increase $50 a ton. And for coated products, prices will go up by $60 per ton.

For more on the overall equity markets, see Professor Prieur du Plessis' Global Stock Markets Roundup.

From the Bull Pen: It looks as if a correction in the equity markets is finally underway. But investors must realize that AK Steel wouldn't be raising prices if the demand wasn't there. For the longer-term investor, consider a pullback in the market vectors ETF (SLX) which has more international exposure; $43 support could be an entry opportunity. If and when.

From the Bear Cave: Professor James Kostohryz mentioned a small short position in the Ultra long S&P 500 ETF (SSO) on the Buzz yesterday. For those following along, consider a tight buy stop around $31 to $31.50.

Quick Check Around the World

Asian trading closed with the Nikkei -2.37%, India -0.54%, Hang Seng -1.76, Shanghai 1.16%, and Taiwan 0.29%.

Across the pond, we see the FTSE -0.21%, CAC -0.57%, DAX -0.51%

As of 8:10 a.m. EST, S&P Futures are trading -0.25 to 996.00 and Nasdaq futures are -3.25 to 1592.00.

A Look at Commodities

Over in commodities, crude oil is +0.62 at 68.67 while gold is +0.60 at 957.10 this morning. Silver is -0.125 to 14.94 and copper -3.700 to 275.95.

The dollar index is -0.1350 to 78.6700.

On the Radar

Economics

08:15 ADP Employment Change -246k cons.
08:30 Productivity 6.1% cons.
10:00 Factory Orders 1.5% cons.
10:30 Crude Inventories
02:00 FOMC Minutes

Click here for the full trading radar.

Happy Hump Day, Minyans! Good luck!

No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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