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Burned By US Steel

A long position in US Steel looked like a hot trade to Steve Cortes, but all it did was burn him. So what does he have to say about the trade now?

El Capitan made the fateful call back on August 18th. At the time he thought US Steel was particularly attractive due to its short squeeze potential.

“I like resources generally,” he said. “(But) I'm very interested in purchasing US Steel, it’s a heavily shorted name.

Unfortunately Cortes didn’t get any juice from his hoped for short squeeze – shares are down 14% since his call.

So what does he have to say about the stock now?

It was clearly a bad call, says Steve Cortes. At the time I liked resources because few investors did. Now it's a crowded trade so I'm on the other side.



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Trader disclosure: On Nov 1, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova owns (APA), (AAPL), (AXP), (C), (GOOG), (GS), (FCX), (IBM), (NOV), (ORCL), (PCP), (PEP), (PFE), (UPL), (VRTS), (XBI); Cortes is short (AAPL); Cortes owns (GOOG); Cortes is short (RSX); Cortes is long S&P 500; Cortes owns (K); Cortes owns (TSN); Cortes is short Euros; Cortes is short crude oil; Cortes is short gold; Cortes owns U.S. Treasuries; Grasso owns (ASTM), (BA), (BAC), (C), (CSCO), (JPM), (LPX), (MO), (MOT), (NDAQ), (PFE), (PRST); Finerman owns (AAPL); Fienrman’s Firm owns (APC); Finerman & Finerman’s Firm owns (BAC); Finerman & Finerman’s Firm owns (JPM); Finerman’s Firm owns (MSFT); Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Finerman’s firm owns S&P 500 puts; Finerman’s firm owns Russell 2000 puts; Weiss owns (UPS); Weiss owns (JWN); Weiss owns (HK); Weiss owns (DVN); Weiss owns (CSX); Weiss owns (COP)


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