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Dennis Gartman, founder of The Gartman Letter explained the reasons behind U.S. Steel’s [X
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] recent slump.
1. The auto companies are not taking any of the increased prices.
2. China is coming off their Olympic build-up.
3. There is an overall global slowdown in steel demand.
“All of those things were priced into the steel prices. It’s just a normal ebb and flow of the economy.”
Gartman also said, “Corn prices can come off $1 from their highs, beans can come off $2 or so from their highs. Steel prices could go down by 25 percent or 3 percent from their highs.
"Crude oil could fall $15 or $20 from its highs and still be, interestingly enough, in a well-defined bull market. But are they punishing everybody who got into the commodity markets late? You bet.”
Disclosure
Disclosure information was not immediately available for Gartman or his organization.
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