Two Ways: AK Steel Raises the Bar
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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
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!
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