Trading In The Raw
Why did companies in the raw materials sector, such as US Steel (X), Dupont (DD), and Monsanto (MON), break out this week when the dollar stabilized and turned higher?
Steel prices in the US are at a 9 month high and inventories are at 9 year low, explains Tim Seymour. And American steel exports are still cheap around the world.
On a related note, Seymour expects BHP Billiton (BHP) and Rio Tinto (RTP) will likely merge.
In this sector Guy Adami recommends buying US Steeland believes the stock could go to $115.
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Trader disclosure: On Nov. 30, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (ETFC), (COP), (NAT); Najarian Owns (BIDU) Options, (CFC) Options, (GOOG) Options, (XMSR) Options, (YHOO) Options; Seymour Owns (ETFC), (INTC), (MSFT), (TWX), (AAPL),(DELL); Seygem Asset Management Owns (CFC), (EEM), (X), (YHOO), (ITU); Finerman's Firm And Finerman Own (GS), (HD); Finerman's Firm Owns (TSO), (WMT), (YHOO), (PLCE), (LTD); Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns Fortis; Finerman's Firm Is Short (SPY), (IWM), (IYR), (IJR), (BIG), (HOV), (LEN); Finerman's Firm Is Short (MDY) And Owns (MDY) Puts; Finerman's Firm Is Short (LEH) And Owns (LEH) Puts