Trade: Added More X
MarketWatch.com has an interesting article about the improving demand seen in the steel markets. Its encouraging that a market bottom has been reached and the all but certain increase in auto demand will help boost this weak sector. The ISM data from yesterday also very much supports this sector.
Though X has risen nicely this year, its still trading down roughly 80% off its high of $180. Also its worth noting that X made $18 in earnings in 2008 which is a remarkable amount for a stock now trading at $34.
Alpha Natural Resources (ANR) is another stock Stone Fox owns and should benefit from a rebound in steel demand. They provide a large amount of the metallurgical coal used in the making of steel.